Quasi-governmental SEIC closes in acquisition in food industry

M&A WATCH- The quasi-governmental Saudi Egyptian Industrial Investment Company (SEIC) is hoping to complete the acquisition of an unnamed, privately-held food manufacturer in October, SEIC Chairman Ali Al Ayed tells Al Mal. Talks are reportedly in advanced stages, and while Al Ayed did not name the target, he did state it was a mid-sized company that manufactures juice and dairy products. The company’s CEO had stated back in July that Cairo Financial Holdings had been tapped to advise on the transaction. SEIC plans to invest EGP 120 mn in total this year in the food and pharma industries. SEIC, an investment company set up by the governments of Saudi Arabia and Egypt, has invested around EGP 1 bn in Egypt. It holds stakes in medical disposables producer Farco Make and in Alexandria Carbon Black.