UAE-based private equity firm Abraaj Capital has secured regulatory approval to acquire a stake in Egyptian food producer Bisco Misr.

The Egyptian Financial Supervisory Authority has accepted the company’s offer of £E850m ($119m) to win at least a 51 per cent stake in Bisco Misr.

The offer is for £E73.91 a share.

In an official statement, Abraaj Capital has said it will work closely with Bisco Misr’s management to make the firm the “pre-eminent Egyptian branded snacks business” .

Bisco Misr is a major producer of cakes and biscuits in Egypt.

If the offer is successful, the food producer will continue to be listed on the Egyptian Exchange.

Abraaj Capital has a track record of North African investments, with its current portfolio including a Tunisian baked goods company called Moulin d’Or and Tunisian plastic injection firm Plastic Electromechanic Comapany. It also owns a stake in Egypt’s Orascom Construction.