Edita to freeze investments in Egypt in 2017 -Berzi
Edita will not be channelling new investment into Egypt in 2017, Chairman and CEO Hani Berzi reportedly told Al Mal. We’re taking Al Mal’s report with a teaspoon of salt: The company has consistently telegraphed (as recently as the end of February) that it is on the lookout for either M&A or greenfield expansion opportunities, saying in its 4Q2016 earnings press release, “our strategy this year may also include direct expansion both in Egypt and in new markets.” Either way, the newspaper says, Edita does plan to continue investing in Egypt in the future. Berzi told Al Borsa Edita has no plans to increase its product prices in the near future. He expects Edita’s business to grow 15-20% y-o-y in 2017 as it targets a 10% increase in exports. The company had said in March it plans to begin operating two new production lines for wafer and cake products at its new factory in the Polaris Al Zamil Industrial Park in 2H2017.