Abu Dhabi’s ADQ said to eye stake in top Egyptian dairy firm
Published 02 Jun,2021 via Bloomberg Markets - ADQ is considering acquiring a stake in Juhayna Food Industries as the Abu Dhabi sovereign wealth fund pursues more deals in Egypt, according to people familiar with the matter.
Abu Dhabi’s newest state fund has been weighing a potential investment in Egypt’s largest dairy and juice producer, the people said, asking not to be identified as the matter is private. Shares in Juhayna have fallen 29% in Cairo trading this year, giving the company a market value of 4 billion Egyptian pounds ($254 million).
Deliberations are in the early stages and there’s no certainty ADQ will proceed with any transaction, the people said. A representative for ADQ wasn’t immediately available for comment, while a spokesperson for Juhayna couldn’t immediately provide comment.
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Dinesh Nair and Nicolas Parasie