Abu Dhabi – Mubasher: The UAE-based Agthia Group has completed the acquisition of a 75.02% stake in Ismailia Investments (Atyab), an Egyptian producer of frozen processed chicken and beef products.
With a processing capacity of around 70,000 tonnes per year, Atyab owns a portfolio of four brands, facilities, and production lines, including a 60,000 sqm manufacturing facility, according to a press release on Wednesday.
Following its recent acquisition of Nabil Foods in Jordan, Agthia will benefit from Atyab to foster its position in MENA's growing processed protein sector.
The CEO of Agthia Group, Alan Smith, said: "At Agthia, we are continuing to actively pursue new, scalable opportunities as part of our strategy to establish the company as a food and beverage leader in the MENA region and beyond by 2025."
Meanwhile, the Chairman and CEO of Atyab, Attito Raslan, commented: "The conclusion of this transaction is a key milestone in Atyab’s growth story. The potential of being part of Agthia’s portfolio is very significant and I look forward to working with the group to take Atyab to its next phase of success."
It is noteworthy to mention that in April 2021, the board of Agthia approved a strategic acquisition of a majority stake in Egypt-based Atyab.