Halwani Bros said to bid for Egypt’s Rashidi El Mizan

Tadawul-listed firm Halwani Bros. is planning to bid for Egyptian confectionary company El Rashidi El Mizan, Egypt-based Al-Mal newspaper reported citing informed sources.

Cairo-based Pharos Holding is said to be advising Halwani on the matter before it begins the bidding process.

El Rashidi, a producer of halawa and tahina products, is a subsidiary of Qalaa Holdings, an Egyptian investment company listed on the Cairo bourse. Qalaa had earlier announced a plan to divest from some of its businesses in an effort to accelerate group deleveraging.

Saudi Arabia’s top food producers, Almarai Co. and Nadec, are also reportedly conducting due diligence to buy Dina for Agriculture Investments (Dina Farms), an Egyptian private food company, Al-Mal newspaper added, citing unnamed sources.