Qatar dairy company Baladna QPSC has announced that it has acquired a five percent stake in Egyptian Stock Exchange listed Juhayna Food Industries.

In a statement to the Qatar Stock Exchange (QSE) the company said it had acquired 47,116,563 shares for QAR 67 million ($18.4 million) as part of its plans to expand both within Qatar and other countries.

Juhayna Food Industries has recorded consolidated net profits of EGP 490 million in the first nine months (9M) of 2021, up 27.7% from EGP 384 million in the year-ago period.

(Writing by Imogen Lillywhite; editing by Seban Scaria)