Baladna acquires stake in Egypt’s Juhayna Food Industries
Juhayna Food Industries is an Egyptian company specializing in the production, processing and packaging of dairy, juice, and cooking products. Since its inception in 1983 it has expanded its presence in the Middle East.
In a statement published on the Qatar Stock Exchange website, Baladna said the number of shares acquired amounted to about 47.117m, with a total investment of about QR67.085m ($18.4m).
Baladna said it is looking to enter the Egyptian market, which is large and promising for the food and beverage sector with a population of more than 100m people.
Juhayna is expected to achieve greater returns in light of the expected market growth and the availability of a strong distribution network.
Baladna also announced it has signed a memorandum of cooperation (MoC) with Inter Plastic, one of the leading plastic packaging factories in Qatar, to supply plastic packaging material, that meet international standards and are locally manufactured.
Piet Hilarides, Baladna CEO, said, “As a company that contributes to achieving food self-sufficiency in Qatar, Baladna has a keen focus on promoting the development of local content and strengthening local supply chains. Our strategic supply chain programme relies on procurement of raw materials and services from local suppliers that meet quality and safety standards. We hope that our partnership with Inter Plastic will help us further these objectives.”
Sheikh Hamad Thamer Mohammed Jassim Al Thani, chairman of Inter Plastic, added, “We are pleased to collaborate with Baladna and support its efforts contributing to a self-reliant food sector in Qatar. Through our products that are designed at the highest quality and production efficiency, we will contribute to our partner’s successes.”