The Board of Directors of the Emirates Agthia Group Company approved the acquisition of a majority stake in Al-Nabil Food Industries Company after obtaining specific regulatory approvals.
Al-Nabil Food Industries is one of the regional companies specialized in the field of frozen and chilled foods, and its products are distributed in more than 20 markets, according to a press release issued today, Thursday. / p>
and after obtaining the necessary regulatory approvals, Agthia’s board of directors will call a general assembly, where the shareholders will vote on the acquisition of Al Noble.
The company indicated that after obtaining the approval of shareholders and the approval of other regulators, Agthia will acquire an 80% stake in Al Nabeel Food Industries.
which includes the acquisition of a 60% stake in the holding via a convertible instrument, in addition to the 20% stake that Agthia will acquire from Ideal Holding Limited in exchange for a cash payment and a fixed price. The instrument will then be converted into shares in Agthia with a value of 5.50 dirhams per share, bringing the equity value of the 60% stake of Al-Nabeel Food Industries to 394 million dirhams.
It is noteworthy that Al-Nabil has a local and international distribution network that includes more than 20 markets and a production capacity of 43 thousand tons annually, in addition to more than 600 products, which will allow the group Agthia expands its product base and provides instant access to new sources of income.
and the group expected that the acquisition would generate tangible value in the short and long term for all stakeholders involved by achieving savings and revenues and providing significant opportunities for cross-selling across the region.
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