Baladna buys more JUFO shares: Qatari dairy firm Baladna raised its stake in EGX-listed dairy company Juhayna to 10.14% from 9.99% in a EGP 12.4 mn transaction, according to a disclosure (pdf) to the EGX yesterday. The firm bought a total of 1.4 mn shares in Juhayna, at an average price of EGP 8.85 per share.

Baladna paid more for Juhayna shares this time around: The average share price in yesterday’s transaction is almost 50% more than what Baladna paid to acquire a 5% stake in Juhayna less than three months ago, marking its entry to Juhayna. The Qatari firm bought 47.1 mn shares in Juhayna for EGP 285.8 mn in March, at an average price per share of EGP 6.07. The Doha-listed firm has continued to up its stake since then, reaching 9.99%, before announcing its latest purchase yesterday.

Baladna is the company’s third-largest shareholder: Pharon Investment — an offshore vehicle owned by the Thabet family — owns 50.1%, and Al-Rashed’s Dubai-domiciled Rimco Investments holds 10.6%.

This comes on the back of a strong 2021 for Juhayna: The firm reported a 23% increase in profits in 2021 on strong sales growth.

OTHER M&A NEWS-

UK’s DPI wants a piece of Kazyon: The UK’s Development Partners International (DPI) is in talks to acquire a minority stake in Tawfeer for Food Products — the parent company of supermarket chain Kazyon — Al Mal reports, citing sources it says are in the know. The company is also reportedly getting interest from other unnamed investors. Kazyon is led by former EFG Hermes CEO Hassan Heikal.

EIPICO could bring a sibling firm under its umbrella: Egyptian International Pharma Industries Company’s (EIPICO) board has approved the start of procedures to potentially acquire a 99.9% stake in Upper Egypt Pharma (UP Pharma), EIPICO said in an EGX disclosure (pdf). Both firms are owned by the Arab Company for Drug Industries and Medical Appliances (ACDIMA).