Egypt's Qalaa considers sale of food businesses, sees 2015 profit

Egypt's Qalaa Holdings has hired investment bank EFG Hermes to advise it on the possible sale of its food businesses, a deal the conglomerate said would help it return to profit this year instead of 2016.

Qalaa, which is seeking to raise $300 million over the medium term through divestments, is considering selling confectioner Rashidi El-Mizan and dairy producer Dina Farms, Chairman Ahmed Heikal in a statement.

"We have been approached by more than one party interested in potential transactions regarding our key investments in the agrifoods sector," Heikal said.