Abu Dhabi-listed Ghitha Holding is set to acquire a controlling stake in Fujairah’s International Food Industries.

The company’s subsidiary, Zee Stores International, has signed a share subscription agreement to take 70% of the shares in the canned food manufacturer for AED 41 million ($11.2 million), according to a disclosure on the Abu Dhabi Securities Exchange (ADX).

A retail subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), Ghitha Holding specialises in food and non-food products.

The transaction is still subject to regulatory approvals, including certain conditions under the subscription agreement.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com