PHOTO
Abu Dhabi–based food and beverages company Agthia Group’s board of directors has approved the acquisition of a majority stake of 75.02 percent in Ismailia Investments, an Egyptian producer of frozen processed chicken and beef products.
However, Agthia did not mention the value of the investment.
Ismailia Investments has a portfolio of four brands: Atyab, Meatland, Shiketita and Furat. The company achieved a revenue growth of around 28 percent CAGR between 2016 and 2020.
It has more than 2,500 employees and 11 distribution centers spread across Egypt.
Its 2020 net revenues were at AED 424 million ($116 million) with EBITDA of AED 79 million.
Khalifa Sultan Al Suwaidi, the chairman of Agthia Group, said: “This acquisition is a continuation of our strategy to position Agthia as the leading FMCG player in the MENA region. Egypt is a key growth market for Agthia, and Atyab operates in a sector that is fast-growing and attractive.”
Agthia recently acquired Jordan-based frozen protein products brand Nabil Foods. Last year it acquired two companies, a local dates and confectionary firm, Al Foah, and Al Faysal Bakery and Sweets Company in Kuwait.
Abu Dhabi ADX-listed Agthia, is 51 percent owned by Abu Dhabi’s investment holding company, Senaat.
The acquisition is subject to obtaining customary closing conditions, including relevant regulatory approvals.
EFG Hermes is acting as financial advisor to Agthia while First Capital Financial Advisory is acting as a financial advisor to the shareholders of Atyab.
(Reporting by Brinda Darasha; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
