Al-Bahi family, which owns the majority stake in Fancy Foods Company, has sold all its shares in the company, sources told Daily News Egypt on Tuesday. The sources indicated that the family is considering investing the proceeds of the sale in establishing a new company for snacks, and several other investment alternatives, but it is waiting for the economic situation to stabilize in order to make the investment decision. Edita Company completed its acquisition of Fancy Foods on Monday at a value of EGP 380m, which was confirmed by sources to Daily News Egypt last week. Al-Darini and Partners played the role of the legal advisor to the selling party, while the office of Maatouk Bassiouni and Al-Hinnawi acted as an advisor to the buying party. Zila Capital acted as the financial advisor to Edita.

Source: Daily News Egypt May 30, 2023 19:58 UTC