Abu Dhabi, June 6th,2006 (WAM) -- The Abu Dhabi National FoodstuffCompany (Foodco), announced that the name of the company has been changedto Foodco Holdings PJSC in order to reflect the expanding nature of itsoperations, especially the three major activities of the company - retail,wholesale and packaging. The Ministry of Economy has already approvedthe change in name.
The meeting of the board of directors held on March 21, 2006, meanwhile,decided to increase the capital of the company from AED 66.15 millionto AED 85.99 million, an increase of AED 19.845 million. Thus the totalissued capital of the company currently stands at AED 85.99 million.
Foodco's Managing Director and Member of the Board of Directors, Ahmedbin Ali Khalfan Al Dhahery, said: "The holding company will be the umbrellabody for three existing companies: Foodco - Abu Dhabi National FoodstuffCompany LLC, Sense Gourmet PSC and Oasis National Foodstuff Company." "With this announcement the company has entered a new era, an era thatwill see Foodco Holdings raise its profile in the region and globally,"Al Dhahery added."Our long-term strategy is expansion and the new entity will enable usto move faster in that direction," Al Dhahery added.
In addition to dealing in a wide range of premium brands, export and distributionof essential commodities like rice, sugar, salt and cooking oil are placedon top of Foodco's portfolio of services. The company is also a volumesupplier of frozen poultry, meat and vegetables to Saudi Arabia, Oman,Qatar, Bahrain, Kuwait, Yemen, Iran and Egypt. For the first quarter of 2006, Foodco announced a 15.1 per cent increasein net profit to AED 38.8 million against AED 33.7 million in the comparableperiod last year.
