CAIRO: Egyptian food group Mo’men said it has completed the first phase of its plan to list on the Egyptian Stock Exchange after a two-year engagement with Actis, a private equity investor in emerging markets.
In a press statement, Mohamed Mo’men, the group chairman, said, “Actis has been a catalyst for constructive change in Mo’men Group. We have made significant strides over the last two years and we now move to the second phase of IPO planning.
Mo’men Group operates the popular restaurant chains, Mo’men, Pizza King and Planet Africa.
It is also produces branded frozen foods and ready meals under its proprietary label, Three Chefs.
Rick Phillips, Actis partner in Cairo, commented, “We are delighted with what has been achieved in Mo’men over the tenure of our investment. The pace of institutionalization and change in the group is something that Mo’men can be very proud of. The business is in good shape to consider a listing in 2011.
In mid-2008, Actis secured a $48.5 million investment in Mo’men to help the latter increase the size of the restaurant chain, provide capacity improvement for the food processing, increase quality and branding levels, and expand to the Gulf. -Daily News Egypt