UAE's Agthia completes acquisition of Egyptian Ismailia Investments

The stake in processed meat producer will expand its product offering

  
Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange

Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange

REUTERS/Stringer .

Abu Dhabi-based food and beverages company Agthia Group has completed the strategic acquisition of a majority stake in Ismailia Investments, or Atyab, an Egyptian producer of frozen processed chicken and beef products.

The acquisition of 75.02 percent stake in Ismailia Investments will enable Agthia to benefit from new revenue streams, cost and revenue synergy opportunities, wider regional and channel expertise, expanded product offerings, and enhanced financial performance and profitability, the company said on Wednesday in a statement on Abu Dhabi Stock Exchange where its stock trades. 

Earlier this year Agthia acquired processed protein maker, the Jordan-based Nabil Foods. Last year it acquired two companies, a local dates and confectionary firm, Al Foah, and Al Faysal Bakery and Sweets Company in Kuwait.

Agthia, is 51 percent owned by Abu Dhabi’s investment holding company, Senaat.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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