UAE food business Agthia Group plans to take a majority stake in Egyptian meat business Ismailia Agricultural and Industrial Investment, known as Atyab.
In a filing on the Abu Dhabi Securities Exchange (ADX), today (7 April), Agthia said its board had approved a deal for it to acquire a 75.02% stake in Atyab.
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Two wholly-owned units of Agthia will be incorporated as private limited companies with nominal share capital in the Abu Dhabi Global Market and used as acquisition vehicles for the transaction.
It is buying the stake from three named owners and “various minority sellers”.
Agthia’s acquisition of the stake would give Atyab an enterprise value of EGP3.22bn (US$205.6m), it said in its filing.
In January, Agthia, majority-owned by Abu Dhabi state-owned holding company Abu Dhabi Development Holding Company (ADQ), announced it planned to take a majority stake in Jordan-based meat-products firm Nabil Foods.
Atyab produces frozen chicken and beef products under four brands in the Egyptian market - Atyab, Meatland, Shikitita and Furat.
It has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000 sq m manufacturing facility. Its founder Attito Raslan will retain a stake in the company post-transaction.
just-food has asked Agthia and Atyab for their comments on the deal.
