Halwani Bros Co.’s board of directors approved on Sunday the move of its subsidiary, Halwani Brothers Co. Egypt, to submit a binding offer on Sept. 14 to fully acquire El-Rashidi El-Mizan subject to conditions, the company said in a statement to Tadawul.
The company didn’t disclose the financial details of the offer.
The deal will be financed partly from the company’s own resources and partly through an Islamic financing facility.
The acquisition would be in line with the company’s strategy to expand in the food industry, it said.
El-Rashidi El-Mizan is a confectionary company.
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