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Abraaj eyeing stake in Egypt’s Bisco Misr

Bisco Misr has announced that Abraaj Investment Management, an affiliate of UAE-based Abraaj Capital, has made an approach to buy at least a 51% stake in the Egyptian snack maker, Bloomberg has reported. “Abraaj Investment Egypt Limited have requested … to conduct (technical and financial) studies on the company with the intention of acquiring all its shares, with a minimum of a 51% stake,” the firm said. Abraaj said completion of the proposed transaction would be subject to certain conditions, including conducting due diligence on the company that is satisfactory to Abraaj, finalising negotiations and obtaining the necessary regulatory approvals.