(MENAFN- Daily News Egypt) Hayel Saeed Anam Group & Co. (HSA Group) has signed an agreement to purchase Kellanova's majority stake in the Egyptian Food Company – Bisco-Misr, one of the region's leading biscuit manufacturers.
In a Tuesday press statement, the two companies said that the deal, expected to close in the first quarter of 2025, is subject to customary conditions, relevant regulatory approvals, and a mandatory tender offer for minority shares.
The Acquisition reflects HSA Group's commitment to expanding its presence in the Egyptian market and building on Bisco-Misr's long history as a trusted and iconic brand in the country.
“HSA Group is recognized across the Middle East for its wide expertise in the biscuits industry and its unwavering commitment to innovation and product excellence,” said Muneer Hayel Saeed, Chairperson of ARMA Group and Board Member of HSA Group.“We firmly believe that our agreement today will help open a remarkable growth for Bisco-Misr, a highly valued and iconic brand in Egypt. Bisco-Misr's deep-rooted legacy and reputation perfectly align with our vision. We are committed to continuing to grow our investments in Egypt and tapping into the immense potential of this market, contributing to its economic prosperity while continuing to deliver the high-quality products that consumers love and trust.”
HSA Group, a multi-billion-dollar conglomerate, has been active in the MENA region for over 80 years, producing and selling top biscuit brands under names like Abu Walad and Teashop. The group has a strong presence in Egypt through ARMA Group, a market leader in the food industry.
Robert Chanmugam, Managing Director for the Middle East, North Africa, Turkey and Sub-Saharan Africa at Kellanova, said the deal demonstrates the positive investment climate in Egypt.
“This deal is a strategic step demonstrating the positive climate and potential for investments in the Egyptian market,” Chanmugam said.“Hayel Saeed Anam Group (HSA Group) is committed to innovation and excellence and has extensive expertise in biscuit manufacturing which makes them an ideal partner to drive the future growth of Bisco-Misr.”
He added,“Egypt is an important and strategic market for Kellanova with long-term growth opportunities. Since the time we began operations in 2015, we have remained committed to the country and will continue to invest in growing our business, developing local talent, and bringing innovations to the marketplace across our diverse portfolio of cereals, snacks, and noodles products, offering diverse choices to meet the demand of Egyptian consumers.”
Bisco-Misr, established in 1957, operates manufacturing plants in Cairo and Alexandria, producing a wide range of brands including Bisco Tea, Nice, Maamoul, Marie, Bisco Wafers, Seasonal Kahk, and many more. The company is one of the largest biscuit companies in Egypt and one of the top 5 in the Middle East and Africa.
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