Latest Edita Food Industries News
Nov 22, 2021
Cairo – Mubasher: Edita Food Industries announced that it had signed a non-binding letter of intent with the Egyptian Belgian Company for Industrial Investments, regarding Edita’s acquisition by itself or through one of its subsidiaries on the assets owned by the Egyptian Belgian Company. Edita said in a statement to the Egyptian Stock Exchange today, that the assets owned by the Egyptian Belgian company include real estate assets such as land, buildings, construction, machinery, equipment and production lines. The company explained that moving forward with the implementation of the deal is subject to its acceptance of the results of the legal, financial, technical and tax examination of the target assets in accordance with the terms and assumptions agreed upon with the Egyptian Belgian Company. Edita expected that the examination work would be completed by December 15, 2021, followed by the start of preparing a sale and purchase agreement for these assets to be completed by January 15, 2022, if the results of the examination were satisfactory to it. Edita Food Industries achieved profits of 321.52 million pounds during the nine months ended last September, compared to profits of 214.53 million pounds in the comparable period of last year. The company’s sales rose during the period to 3.71 billion pounds, compared to 2.79 billion pounds in the comparable period of 2020. At the level of independent businesses, the company’s profits rose to 300.28 million pounds, compared to profits of 253.6 million pounds in the comparative period of 2020.