Dubai – Mubasher: The Securities and Commodities Authority (SCA) gave an approval to the increase of United Foods Company’s (UFC) stake in Emirates Refreshments Co., according to a bourse statement.

UFC will purchase 4.34 million shares from Ghobash Trading and Investment Company, representing 14.46% of Emirates Refreshments’ capital.

UFC will carry out the transaction within two weeks from the announcement date, the statement highlighted.

However, the SCA’s approval does not bind UFC to exceute the deal.