Arabian food processing company, Savola Group has moved to acquire a 51 percent stake in Egypt’s sweet snack maker, Bisco Misr as it seeks to deepen its footprint on the emerging continent.

This announcement makes Savola Group the third company to have indicated interest in acquiring a majority stake in Egypt’s Bisco Misr.

In August this year, it was announced that world’s largest cereal maker Kellogg Co tendered a bid to acquire the same percentage in Bisco. But Abraaj Investment Management had earlier in July announced plans for a similar move, making it the first to table an interest.

“Just after Abraaj had showed its interest in the company it was disclosed that Savola Group requested to start a due diligence study but later withdrew from its bid” Egypt’s state-owned news service Ahram Online stated.

Bisco Misr controls three main facilities in Egypt; two in Alexandria and one in Cario. It recorded a profit of LE5.5 million ($768,962) in the first half of this year, significantly lower than the LE13.4 million ($1.9 million) posted last year.

Savola Group is a multinational food group in North Africa, Central Asia, Gulf and Middle East with a wide range portfolio in edible oil, sugar, vegetable ghee, and pasta.