Edita wants 100% of an unnamed local food firm: The board of EGX-listed Edita Food Industries has agreed to submit an offer to acquire 100% of an unnamed, unlisted company in the local food industry, it said in a bourse filing (pdf) yesterday. The statement didn’t put a value on the transaction. Representatives of the company didn’t get back to our request for comment ahead of dispatch time.

What’s next: Edita will now look to appoint an independent financial advisor for the transaction, which is still pending regulatory approvals, the statement reads.

Edita has been looking into acquisitions for some time: The snack maker in September said it was in the final stages of acquiring an additional production line for its cake segment for around EGP 20 mn from an unnamed company. An earlier bid to acquire assets belonging to the Egyptian Belgian Company (EBC), best known for its Ole-branded food goods, fell through in January last year after the two companies were unable to agree on a valuation. EBC was later fully acquired by Saudi food conglomerate Savola in an EGP 622.4 mn transaction.

REFRESHER- Emirati investment firm Rimco Investments acquired a 3% stake in Edita for EGP 192 mn back in October. Edita is also in the process of a stock purchase program that will see it buy back 4.8% of its shares in a bid to support its share price. The snackfoods giant reported record net income and revenues in 3Q 2022 on the back of stronger sales and higher prices.

Market reax: Edita’s shares rose 0.3% yesterday to close at EGP 16.45 apiece on the EGX.