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The Public Investment Fund (PIF) is reportedly in talks to acquire an unspecified minority stake in Egyptian agriculture firm Daltex Corporation through a capital increase, Egyptian media outlet Al Mal reports, citing unnamed sources it says have knowledge of the matter.
It’s still early days: The talks are still in the early stages and both sides are yet to reach an agreement or sign a contract, the sources added. If the acquisition goes through, Daltex would use the funds from the transaction to finance the company’s expansions, and finance its exports of production requirements.
About Daltex: The agriculture player has been operating in the Egyptian market since 1964 and has established itself as a “ leading exporter of Egyptian potatoes and a fully-integrated player operating across all aspects of the agricultural value chain.”
Advisors: Our friends at EFG Hermes are reportedly financial advisors to Daltex, while Matouk Bassiouny and Adsero Ragy Soliman & Partners are counsel.
PIF has been interested in more than one Egyptian company of late: The fund’s wholly owned subsidiary the Saudi Egyptian Investment Company submitted an offer earlier this month to acquire up to 100% of leading Egyptian education company CIRA Education.
