RIYADH: Saudi Savola Foods Ltd. has acquired Egyptian Belgian Co., known as Egybelg, amid plans to invest 1.7 billion Egyptian pounds ($91 million) in Egypt over the next two years.

Savola Foods, a subsidiary of the Saudi-listed Savola Group, has purchased all the shares in Egybelg for 622 million Egyptian pounds, CEO Sameh Hassan told Asharq Business.

According to the executive, Savola will allocate 730 million pounds toward rehabilitating the newly acquired firm and up to 400 million pounds to upgrade factories and raise production capacity.

Hassan noted that Savola is targeting more sales from the snacks segment, adding that the production of snacks in Egypt is expected to start by the end of this year.

With three factories across Egypt and five production lines, Cairo-based Egybelg manufactures and distributes bakery goods.