Shareholders holding 56 percent of Egyptian snack maker Bisco Misr have agreed to sell their shares to United Arab Emirates-based Abraaj Investment Management, Bisco Misr said.

Abraaj Investment Management, an affiliate of UAE's Abraaj Capital, first made an approach to buy at least a 51 percent of Bisco Misr in July, pending a technical study that is now complete, according to Bisco Misr.

The company, one of Egypt's main producers of biscuits and cakes, said in a statement that the shareholders had agreed to sell provided that the formal offer came within two working days from Thursday.