Saudi food manufacturer and retailer Savola Group is set to acquire majority stakes in Egyptian pasta firms Al-Malika and Al-Farasha.
Savola has paid EGP556.5m (US$93.1m) for a 78% stake in the two companies, it said yesterday (18 October).
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Al-Malika and Al-Farasha have two factories in Egypt with production capacity of 120,000 tonnes per annum. They have a combined market share of 30% of Egypt’s pasta sector.
Savola said the acquisition will add a new category to its business of edible oil and sugar. The company also owns 30% of Middle East dairy processor Almarai.
