Saudi company buys Egyptian seeds company

The Saudi company El-Kaeki bought the Egyptian governmental El-Nobareya for producing seeds, "Nobaseed," which is fully owned by the holding company for agricultural development.

A press statement issued by the Egyptian Ministry of Public Enterprise stated that the El-Kaeki company bought Nobaseed, whose capital is worth 35 million pound and bought two companies affiliated to the group, Saudi International Limited for Trade and Marketing and Saudi for Industrial and Real Estate Investment.

The statement said, "The Saudi offer was not the only one to buy Nobaseed, but there were three other offers from Kuwaiti, Emirates and Egyptian companies in addition to an American offer, yet all these offers did not reach the stage of final negotiations."