Abu Dhabi – Mubasher: Agthia Group revealed further details about the acquisition of a 60% stake in Oriongreen from Nutrivation Holding Limited and an additional 20% stake from Ideal Holding Limited.

In the convertible instrument, Nutrivation will be entitled to assign its rights to General Holding Company (SENAAT) given that both Nutrivation and SENAAT are wholly owned by Abu Dhabi Development Holding Company, according to a bourse disclosure on Sunday.

Upon completion of the transaction, SENAAT will hold 62.9% of Agthia, if Nutrivation exercises its right of assignment prior to the conversion taking effect.

Agthia plans to exercise the call option in consideration of AED 125.91 million in cash, bringing Agthia’s ownership in Oriongreen to 80%, including 60% funded by a mandatory convertible instrument and 20% purchased for cash.

The listing and issuance of new shares of Agthia on the Abu Dhabi Securities Exchange (ADX) are expected to take place in May.

Source: Mubasher

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