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Kellanova, the leading US cereal and snacks firm, has announced that it has reached an agreement to sell its majority stake in Egyptian biscuit producer Bisco-Misr to Hayel Saeed Anam Group (HSA Group), a diversified business conglomerate.
Founded in 1957, Bisco Misr is the leading packaged biscuit company in Egypt, with manufacturing facilities in Cairo and Alexandria. Its brands include Bisco Tea, Nice, Maamoul, Marie, Bisco Wafers and Seasonal Kahk.
Commenting on the move, Muneer Hayel Saeed, chairman of ARMA group and board member at HSA Group said: “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”.
Kellanova managing director for the Middle East, North Africa, Turkey and Sub-Saharan Africa Robert Chanmugam added: “This deal is a strategic step demonstrating the positive climate and potential for investments in the Egyptian market. Hayel Saeed Anam Group (HSA Group) is committed to innovation and excellence and have extensive expertise in biscuit manufacturing which makes them an ideal partner to drive the future growth of Bisco-Misr”.
The transaction is expected to close in Q1 2025, subject to customary closing conditions
Source: Zawya
