Social Insurnace Authority mulls buying Bisco Misr

The Social Insurance Fund For Governmental Sector Workers was ordered to prepare a feasibility study over the possibility of applying for the purchase of Egypt's Bisco Misr, an official said on Thursday.
Vice Chairman of the National Organization for Social Insurance (NOSI) Omar Hassan added that a thorough study will be carried out before submitting any bid to maintain the funds of pensioners and insured people.
He concluded that the study will be reviewed by a committee of the Social Solidarity Ministry, which will decide on the matter.
Established in 1957, the originally state-owned Bisco Misr is one of the country's main providers of baked goods and confectionery.
The US Kellogg Co has already submitted a bid of 89.86 Egyptian pounds a share, or about $12.57, to acquire a 51% stake in Bisco Misr.
Bisco Misr reported net profit of 37.4 million Egyptian pounds and revenue of 373.6 million pounds for the nine months through September.