A mystery investor is to pay EUR48.3m (US$75.5m) for a 12.6% stake in Icelandic food group Alfesca.

The company said yesterday (27 May) that a "significant non-Icelandic investor" is to snap up a tranche of new shares in the business.

Alfesca was coy over the details of the planned transaction but said the deal would be completed "in the coming weeks".  "Further details will be announced in due course," the company added.

Last week, Alfesca, which makes a range of products from seafood to snacks, posted a 20.3% rise in third-quarter profits. Sales were up 7.1%.