UAE-based Abraaj Capital has fully exited its investment in the Tunisian baked goods producer Moulin d’Or.

The private equity company invested in Moulin d’Or in 2012 and supported the company increase its market share through encouraging it to diversify its product range.

Originally focused on packaged bread, the producer expanded into cakes and snacks. Moulin d’Or also invested in a new production plant to support its growth plans.

The exit follows Abraaj’s announcement that it has divested 21 per cent of its shareholding in Egyptian healthcare diagnostics service provider Integrated Diagnostics Holdings (IDH).

The UAE’s Abraaj Capital and US firm Kellogg are continuing to battle it out to take over Egyptian cake and biscuit producer Bisco Misr.