Egypt: Edita secures $12.60mln loans to finance new investments

Edita Food Industries signed two medium-term loan agreements for seven years at a combined value of EGP 390 million, according to a bourse filing.

The first loan, which is an acquisition finance, stands at EGP190 million. The EGX-listed firm will use the proceeds of the facility to finance 50% of the acquisition amount related to Fancy Foods.

Meanwhile, the remaining EGP 200 million will be used to finance the investment cost required for the new subsidiary Edita Frozen for Food Industries, previously known as Fancy Food.

Last June, the listed company announced plans to pump investment valued at nearly EGP 800 million in 2023.

In the first quarter (Q1) of 2023, Edita posted consolidated net profits after tax worth EGP 399.92 million, which marked an annual hike of 146.20% from EGP 162.42 million, including minority interest.