Saudi Savola drops bid to buy Bisco Misr

29/09/2014 Argaam

Saudi Arabia’s Savola Group has dropped bid to buy Egypt’s Bisco Misr, Bisco Misr told the Egyptian Stock Exchange, citing a notification from its stakeholder, Egyptian Direct Investment Fund Limited.

Bisco Misr rejected acquisition offers from Juhaina and Halwani Ikhwan last year. Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, submitted a request to acquire 51 percent stake in Bisco Misr.

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