Abu Dhabi – Mubasher: The board of the UAE-based Agthia Group has approved a strategic acquisition of a 75.02% stake in Egypt-based Ismailia Investments (Atyab), a producer of frozen processed chicken and beef products.
The founder of Atyab, Attito Raslan, would maintain a stake in the Egyptian company to continue the businesses' growth with the support of Agthia’s financial strength, according to a press release on Wednesday.
Subject to obtaining customary closing conditions, the transaction is forecast to result in an immediate and long-term value for Agthia shareholders with significant cost and revenue synergies.
With a portfolio of four brands – Atyab, Meatland, Shiketita, and Furat, Atyab has a processing capacity of about 70,000 tonnes per year through its facilities and production lines.
The CEO of Agthia, Alan Smith, commented: "The proposed acquisition of Atyab presents a significant opportunity for Agthia to expand in the processed protein sector following our recent announcement of board approval to acquire Nabil Foods."
Meanwhile, the Chairman and CEO of Atyab, Attito Raslan, said: "This acquisition would also further cement the strategic partnership between the UAE and Egypt."