CAIRO: The Freiji and Nasrallah families of Lebanon have increased their stake in one of Egypt’s largest industrial groups among expectations of growth and further investment.
In a deal worth LE 250 million, the two families joined with Horus Food and Agribusiness Ltd. to purchase a 10 percent stake in Wadi Group from Commercial International Investment Company.
The deal increases the holdings of both families and Horus Food and Agribusiness Ltd. to more than 94 percent of the company, transferring more than 6 million shares. The families will now share a combined 88.90 percent stake.
“The main driver for this deal was the medium to long term goals and growth that we are targeting at Wadi Group,” Musa Freiji, President and Chairman of Wadi Group, said in a press release about the acquisition.
“The acquisition of the shares from CIIC is a major step for Wadi Group, especially in supporting our future expansions plans for new projects and factories, as well as our overall business plan in Egypt.”
“The deal is proof of our investment and commitment to the Egyptian market, even during the current economic climate in Egypt,” he said. “We are committed to growing our business and will spare no effort in the development of the industrial sector to ultimately help grow the Egyptian economy."
Established in Egypt in 1984, Wadi Group has grown to become one of the largest agri-business and industrial companies in the country. According to 2010 figures, the company had 3,800 employees and expected to grow to 5,000 employees by 2013.
The group focuses on agriculture, agri-production, poultry, feed, and manufacturing. Last year, Wadi Group oversaw production of some 650 million table eggs, 100 million commercial chicks, and 125,000 tons of container glass.