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Agthia expects to complete AED 573m acquisition of Atyab in July - CFO

Agthia expects to complete AED 573m acquisition of Atyab in July - CFO
The transaction is valued at AED 573 million
Agthia
AGTHIA
0.95% 6.35 0.06

Abu Dhabi – Mubasher: The UAE-based Agthia Group expects to receive the necessary regulatory approvals to complete the acquisition of a 75.02% stake in the Egypt-based Ismailia Investments (Atyab) during June or July, the Group's Chief Finance Officer, Ammar Al Ghoul, told Mubasher.

Al Ghoul explained that the transaction, which is part of the company's plan to expand in the Middle East, North Africa, Pakistan, and beyond, is valued at AED 573 million ($155.97 million).

With a portfolio of four processed food brands, namely Atyab, Meatland, Shiketita, and Furat, Atyab has a production capacity of about 70,000 tonnes per year through its facilities and production lines.

Freshfields Bruckhaus Deringer is acting as international legal counsel, and Matouk Bassiouny & Hennawy as Egyptian legal counsel to Agthia in this transaction, while Adsero Ragy Soliman & Partners is the legal counsel to the shareholders of Atyab.

EFG Hermes is acting as financial advisor to Agthia, while First Capital Financial Advisory is the financial advisor to the shareholders of Atyab.

It is noteworthy to mention that in 2020, the net profits attributable to the shareholders of Agthia plunged to AED 34.471 million from AED 137.026 million in 2019.