Cairo based Al-Nour Company for Dairy Product has placed a new bid to acquire 100% shares of Arab Dairy Product Company (ADPC).
The Egyptian Financial Supervisory Authority (EFSA) has approved Al-Nour's decision to purchase the company with a minimum of 51% of its stakes and also with the value of EGP58 ($8.07) per share, Daily News Egypt reported.
Earlier this month, Swedish-Danish firm, Arla Food, decided not to place a final bid to purchase the company. Arla said it took this decision after a thorough investigation into Arab Dairy Product Company.
Started production in 1990, the company currently exports products across Middle East. The company had reported EGP24m ($3.34m) loss in the first nine months of this year.
Meanwhile, UAE's Abraaj Group and US-based Kellogg's are in the queue to acquire 51% shares of another Egyptian firm BiscoMisr, Daily News Egypt said.
BiscoMisr manufactures biscuits and cakes and its shares were worth up to EGP 89 ($12.39).
Image: Arab Dairy Product Company currently exports products across Middle East. Photo: courtesy of Naypong/ FreeDigitalPhotos.net
