NBK will help Edita acquire Fancy Foods: Edita Food Industries has signed agreements to take out two seven-year loans worth a combined EGP 390 mn to finance subsidiary Edita Frozen Food Industries, it said in an EGX disclosure (pdf) yesterday. The lender in question is the National Bank of Kuwait, head of investor relations and corporate affairs Menna Shams El Din told us yesterday.

Remembe r: Edita earlier this year acquired 100% of frozen bakery producer Fancy Foods, which has since been renamed Edita Frozen Food Industries. The acquisition marks Edita’s first foray into the frozen baked goods market.

The breakdown: Worth EGP 190 mn, the first of these loans will be used to refinance 50% of the amount Edita paid to acquire the company, Shams El Din told us yesterday. The other loan, worth EGP 200 mn, will fund its expansion, she said.

Edita is focusing on developing its new purchase: Edita has been upgrading the Edita Frozen Food Industries’ factory and plans to launch a new portfolio of products under the brand name in 4Q 2023, Shams El Din said. The company told us in May that it is planning to invest EGP 400 mn to expand the business this year.

Edita has another loan of up to USD 30 mn lined up: Edita is in the process of securing a loan of up to USD 30 mn from the International Finance Corporation to support its working capital and fund fresh capex.

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