UAE's Agthia eyes 80% stake in owner of Jordanian frozen food firm

60% to be acquired from ADQ, while remaining 20% from Ideal Holding

  
Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018. Image used for illustrative purpose.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

UAE food conglomerate Agthia Group is set to acquire 80 percent stake in the principal operator of a Jordanian frozen food company.

In a bourse filing on Tuesday, the firm said its board has agreed to buy 60 percent in Oriongreen Limited from Nutrivation Holding Limited, which is owned by Abu Dhabi Developmental Holding Company (ADQ). The board also gave the green light to acquire a further 20 percent in Oriongreen from another firm, Ideal Holding Limited.

Oriongreen owns 100 percent of Amman-based Nabil Foods Group, a Jordanian incorporated company that was established in 1945. It manufactures frozen and chilled processed meat products.

Convertible bonds

Agthia told the Abu Dhabi Securities Exchange that it will issue to Nutrivation some mandatory convertible bonds, which will be convertible into shares in the company at 5.5 dirhams per new ordinary share.

A further 20 percent of Oriongreen will be acquired for cash from Ideal Holding Limited, the statement continued.

The acquisition is subject to approvals from the authorities, including shareholders.

Earlier this month, Agthia announced the completion of a merger with Al Foah, the world’s largest date processing and packaging company, also based in Abu Dhabi.

As a result of the “strategic combination”, Al Foah owners General Holding Coroporation (Senaat) increased its share capital percentage in Agthia from 51 percent to 59.17 percent.

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)

Imogen.Lillywhite@refinitiv.com

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