Connect with us

Hi, what are you looking for?

Business

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.

For all the latest headlines follow our Google News channel online or via the app.

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.

Next articles ADQ’s stake in Dreyfus to help UAE achieve food security, says minister Almheiri

 

 

You May Also Like

World

Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...

World

Officials from Iran, China, Russia, France, Germany and UK will meet virtually on Friday to discuss a possible return of the US to the...

Energy

United Arab Emirates power producer Abu Dhabi National Energy Co. (TAQA) announced on Wednesday plans to increase its renewable energyassets, in a shift away...

Advertisement

error: