Saudi Arabia’s Alhokair Investment Group withdrew from the competition for the takeover of the famous bakery company (TBS). Hani Berzi, the CEO of Edita Food Industries, also said that his company expressed interest in acquiring the bakery shop, but did not continue for special, undisclosed reasons.
Sources in Alhokair Group said that the group had earlier competed for acquisition with other companies in the hope of expanding its shopping malls in the coming period and reinforcing them with a number of famous brands.
The sources added that the company’s withdrawal from the competition was based on the fact that the senior management of the group abroad did not show much interest in the deal, preferring not to complete the rest of the negotiations.
Al Marakez for Real Estate Development Company, the Fawaz Al Hokair group subsidary, owns Mall of Arabia and plans to complete the establishment of three other malls in Cairo, the New Administrative Capital, and Tanta.
Daily News Egypt learned from sources that the deal will be worth EGP 130-150m.
The acquisition will be partial and may end up being a controlling stake. The deal is due to be finalised within a maximum of two weeks, the sources said.
Founded in 2008, the TBS was established by a group of entrepreneurs and direct investment experts, including Sameh Sadat, Tarek Nazer, Yasser Abdel Salam, and Basel Mashhour.
The company’s branches are distributed among TBS shops, as well as the Four Fat Ladies brand, which was acquired a year ago. The company has a total of 45 branches in Cairo and Alexandria.