The Dubai-based private equity firm Abraaj Group has made a formal offer of £E850m ($119m) to acquire the Egyptian food producer Bisco Misr.

The firm is looking to acquire 100 per cent of Egypt’s main supplier of baked goods and confectionery, but it will not accept anything lower than a 51 per cent stake, according to a statement from Bisco Misr.

The offer is for £E73.91 per share.

The Egyptian Financial Supervisory Authority is currently evaluating the deal.  

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.