Saudi food maker Halwani Brothers said on Monday that it plans to acquire up to 100% of Egyptian confectioner Rashidi El Mizan (REM), a Qalaa Holding subsidiary.

The planned acquisition is the latest in the recent upbeat for the Egyptian food industry after the acquisition of Bisco Misr by US Kellogg's and of Arab Dairy by Pioneers earlier this year.

The Saudi food maker did not disclose the value of the potential acquisition but Qalaa Holding announced in February it plans to exit its key food businesses, mainly Dina Farms and Rashidi El-Mizan with an estimated value of $300 million.

“Any divestiture would achieve the twin aim of significantly accelerating the deleveraging of Qalaa, while simultaneously funding growth opportunities in core subsidiaries generally," Hisham El-Khazindar, Qalaa Co-Founder and Managing Director said in a company press release on the divestment of the two firms in February.

El-Khazindar then specified energy projects as the core of growth opportunities, "including the fuel bunkering and storage project Mashreq in the Suez Canal and large-scale power generation projects by TAQA Arabia.”

The planned Saudi offer "follows previous unconfirmed news of other regional players such as Savola Group and Almarai being in the line-up of interested parties to acquire REM and Dina Farms," said Naeem Brokerage in an emailed note.

Rashidi El-Mizan is a market-leading confectioner in the halawa and tahina segments with market shares of 59% and 68% respectively, as well as a 15% share of the national jams market, according to Qalaa Holding's website.