Dina for Agricultural Investments (Dina Farms), a portfolio company of Citadel Capital, has secured an EGP200 million ($36 million; €26 million) loan from Egyptian banks Ahly United Bank, Egyptian Arab Land Bank and United Bank.
Ahly United Bank was the lead arranger on the four-year loan.
Dina Farms is the largest producer of fresh milk in Egypt by annual production capacity, according to Citadel Capital. It is the agricultural arm of Gozour, a consumer foods platform company set up by Citadel Capital and other co-investors. Gozour has three main business lines: agri-foods and dairy, consumer goods and intermediate goods such as corn, sugar and flour.
The banks’ investment will finance the expansion of Dina Farms’ dairy operation, including the purchase of livestock, Ahmed El Houssieny, a managing director at Citadel Captial, said in a statement.
The capital injection will also help the company develop its products and set up specialty retail outlets, according to Ahmed Seddik, the chief executive officer and managing director of Gozour’s agri-foods and dairy division.