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Wednesday, 3 August 2016

Al Jawhara Group seeks foreign investment, increasing capital by EGP 1 bn

Food producer Al Jawhara is mulling an EGP 1 bn capital increase, Al Mal reported. Al Jawhara has reportedly commissioned Premiere Securities to raise the funds from Arab investors and El Asema Consultations to estimate the company’s fair value. Al Jawhara is expected to go on roadshow in Saudi Arabia and the UAE in 4Q2016, although sources have affirmed that current owners, the Koraytem family, are looking to remain the majority shareholder. The sources added that the company will use to fund to expand production lines and launch promotional campaigns. Al Jawhara turned down an EGP 1.3 bn acquisition offer by an unnamed Saudi investor earlier this year.

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