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Egypt’s leading investment firm Tanmiya Capital Ventures is preparing to launch its second fund, TCVII, with a target size of up to $100 million. The fund focuses on investing in mid-market companies with high growth potential.
Mohamed Mahagob, the company’s managing partner, told Daily News Egypt that the final size of the fund will be determined after the end of the subscription period. He added that the company’s recent withdrawal from its investment in Abu Auf Food Company, a leading producer and distributor of coffee and snack products, was due to its intention to launch a second fund. The company used the proceeds from the withdrawal to establish a new fund.
Meanwhile, UAE-based food and beverage company Agtia Group announced on Sunday that it has completed the acquisition of an additional 10% stake in Abu Auf Group, raising its total stake to 70%. The deal is valued at $22.36 million, or 690.79 million Egyptian pounds, according to a disclosure on the Abu Dhabi Stock Exchange website.
The Auf family will remain a minority shareholder in the company and will work with Agsia Group to ensure a smooth and seamless transition.
Agtia Group acquired 60% of Abu Auf Group in 2022, expanding its presence in the Egyptian market. Abu Auf Group was founded in 2010 and operates in his six business segments: Coffee, Nuts, Kitchen Essentials, Dates, Dried Fruits, Sweets and Biscuits.
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