Halwani Brothers has submitted a takeover offer for Rashidi El-Mizan

Halwani Brothers has submitted a takeover offer for Rashidi El-Mizan

Saudi Arabian confectioner, the Halwani Brothers, have announced an offer to buy Egyptian confectionery and halawa maker Rashidi El-Mizan from private-equity firm Qalaa Holdings.

According to a statement on Halwani's website, the move is in line with its strategy to expand within the food industry, strengthen its market share and create "growth sources" in line with the interests of the company and its shareholders.

In February this year, Egypt-based investment firm Qalaa, which has interests in the energy and transportation industries, announced it had appointed an advisory firm to "advise on the possibility" of the sale of its remaining food businesses - Rashidi El-Mizan and Dina Farms.

Qalaa said at the time it expected to generated US$300m from the exits.

Qalaa co-founder and managing director, Hisham El-Khazindar, said at the time: "Any divestiture would achieve the twin aim of significantly accelerating the deleveraging of Qalaa, while simultaneously funding growth opportunities in core subsidiaries generally, and in nationally significant energy projects specifically."

Reports have suggested the Halwani bid follows offers from Savola Group and Almarai for Rashidi El-Mizan and Dina Farms.