Agthia Group, a UAE-based food and beverages company has completed the transaction to acquire 100 percent share capital of Kuwait-based Al Faysal Bakery and Sweets.
The completion of the deal strengthens the Agthia Group’s regional footprint, expands its portfolio, and assists in providing long-term-value creation for its shareholders, the company said in a statement to ADX where it is listed.
The company did not disclose the value of the deal.
The acquisition also quadruples the size of the group’s business in Kuwait, which includes the joint venture Al Rammah National for General Trading and Contracting Company WLL that produces Al Ain Water.
This follows the announcement last week that the group has approved an acquisition of a majority stake in Nabil Foods, the regional producers of frozen and chilled processed protein products. The company has assets in the UAE, Oman, Egypt, and Turkey.
Agthia shares is trading slightly lower at 5.17 dirhams on ADX on Thursday.
Khalifa Sultan Al Suwaidi, Chairman, Agthia Group and Chief Investment Officer, ADQ, said: “Agthia Group is committed to significantly increasing its regional presence through a diversified portfolio that will drive compelling value to shareholders. Acquiring Al Faysal Bakery and Sweets marks a key milestone for Agthia, enabling the Group to accelerate on its roadmap and strengthen its leading role in the FMCG sector.”
(Reporting by Brinda Darasha; editing by Seban Scaria)
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