Abu Dhabi, United Arab Emirates, 24th October, 2007: AGTHIA - Emirates Foodstuff & Mineral Water Company PJSC announced that it has signed a MOU to acquire Ice Crystal, a leading 5-gallon local water brand based in Abu Dhabi. The deal will see Al Ain Mineral Water Company (a 100% owned subsidiary of Agthia), managing the production and distribution of Ice Crystal water throughout Abu Dhabi, and eventually to the rest of the UAE.

AGTHIA currently controls Al Ain Mineral Water Company, Grand Mills for Flour & Animal Feed Company, and is also the exclusive distributor for Mother Parkers Tea & Coffee Inc., and will add Ice Crystal to its portfolio as a stand-alone division managed and distributed by Al Ain Mineral Water Company.

"As the leading water expert in the region, we are extremely pleased about this acquisition as it gives us immediate access to the 5-gallon home delivery market, which currently accounts for 60% of total water sales throughout the UAE. This figure is expected to double in growth by 2010. Ice Crystal has an excellent consumer reach and reputation in the market, and it offers us entry into the growing bulk water segment in the UAE. We fully intend to utilize the technical expertise of Al Ain Mineral Water in the area of water purification and bottling in order to build on the existing Ice Crystal brand, whilst we continue delivering the highest quality product to our expanding UAE consumer base," explained Fasahat Beg, General Manager of Al Ain Mineral Water.

Ice Crystal was established in October 1998, and currently distributes its products mainly in Abu Dhabi with a strong presence in institutions. The acquisition of Ice Crystal is a strategic move by Al Ain Mineral Water to gain access to the sizeable and fast growing 5-gallon bottled water market.

"The acquisition is definitely a step forward for Agthia in terms of the expansion of our product portfolio, and a part of our strategy to establish Al Ain Mineral Water Company as the premier water supplier in the UAE," commented Agthia Chairman, H.E. Rashid Al Hajeri.

"Al Ain Mineral Water currently holds 24% share of the UAE bottle water market, and Ice Crystal will allow us to consolidate and improve our position within the total packages water business, by entering the growing bulk segment. We fully intend on becoming the leading player in all formats of bottled water in the UAE," confirmed Ilias Assimakopoulos, Chief Executive Officer of AGTHIA.

-Ends-

About Emirates Foodstuff & Mineral Water Company PJSC (Agthia)
Emirates Foodstuff & Mineral Water Company PJSC (Agthia) is a public joint stock company incorporated in Abu Dhabi, UAE, in 2004 as part of a privatization process undertaken by the Abu Dhabi Government to revitalize the industry in an increasingly diversified and rapidly developing economy. The company is listed on the Abu Dhabi Stock Market and was floated through a successful Initial Public Offering in late 2004. 51% of the shares are held by General Holding Corporation, an Abu Dhabi Government institution, with the balance being held by the general public and institutional investors.

Agthia's current portfolio consists of Al Ain Mineral Water Company - a leading producer of high-quality bottled mineral water, Grand Mills For Flour & Feed Company - a pioneer in manufacturing and production of the highest quality flour and animal feed, and Mother Parkers Tea & Coffee Inc. - a leading tea and coffee manufacturer and distributor, soon to be launched in the UAE. Al Ain Mineral Water Co was established in 1990 and the manufacturing facilities are situated in Al Ain, in the Emirate of Abu Dhabi. Grand Mills Flour & Feed Company commenced operations with the flour mill in 1978, while the animal feed production started in 1981. The manufacturing facilities are located at Port Zayed in Abu Dhabi. 

For more information please contact:
Head Office
Emirates Foodstuff & Mineral Water Co. (Agthia) PJSC
PO Box 37725, 2nd Floor
Al Ghaith Holding Tower,
Airport Road
Abu Dhabi, United Arab Emirates
Tel: +971 2 445 5221
Fax: +971 2 446 3644
Email: info@agthia.com
www.agthia.com

Al Ain Mineral Water Company                                  
Khattam Al Shiklah Road
PO Box 16020, Al Ain,
United Arab Emirates
Tel: +971 3 768 6500
Fax: +971 3 768 6515
 
Sareem Consultancy
Lorey Fenton / Aerlie Wildy
P.O. Box 58008
Dubai, UAE
Tel:  +971 4 3433688
Fax:  +971 4 3211988
Email: lorey@sareem.net / aerlie@sareem.net

© Press Release 2007