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Egypt’s Five Star Flour Mills sells 10% stake to Australian firm

Australia’s GrainCorp has said it has acquired a 10% stake in Egypt’s largest private flour mill, Five Star Flour Mills Co, strengthening its relationship with the world’s largest importer of wheat, Reuters has reported. The stake was worth about A$10m ($9.4m) and would be funded by cash reserves, Graincorp said. Egypt is the world’s largest wheat importer. It usually buys about 10 million tonnes of wheat a year from international markets and uses a mixture of domestic and imported wheat for a subsidised bread programme.