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UAE’s food firm Agthia approves 75 pct acquisition of Egypt’s Ismailia Agricultural

Abu Dhabi-listed food and beverage company Agthia Group on Wednesday said its board has approved an indirect acquisition of three quarters of Egypt’s Ismailia Agricultural and Industrial Investment.

Agthia’s acquisition of the 75.02 percent stake would give Ismailiaan enterprise value of 3.22 billion Egyptian pounds ($205.6 million), Agthia said in a stock exchange filing.

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Two wholly-owned units of Agthia will be incorporated as private limited companies with nominal share capital in the Abu Dhabi Global Market and used as acquisition vehicles for the transaction.

Agthia, owned by Abu Dhabi state-owned holding company ADQ, has made a series of recent acquisitions as it seeks to become a big player in the region’s food and beverage industry.

Ismailia produces frozen chicken and beef products under four brands in the Egyptian market.

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