Agthia acquires 80% of the Jordanian "al-Nabil"

the board of directors of the Emirati Agthia Group approved the acquisition of a majority stake in Al Nabeel Food Industries.

According to Arabiya Net, the company said in a statement that, through this deal, it will indirectly acquire an 80% stake in Al-Nabeel Food Industries, of which 60% From the holding (ADQ), owned by the government of Abu Dhabi, through a convertible instrument, and a 20% stake to be acquired by Agthia from Ideal Holding Limited.

She added that the fixed price at which the instrument will be converted into shares in Agthia is 5.50 AED per share, so the equity value of the 60% stake of Al-Nabeel Food Industries is 394 One million UAE dirhams.

Agthia is using the services of Rothschild & Co. and Freshfields Brockhouse Danger as advisors on this transaction.

Agthia said that the completion of the acquisition will be subject to obtaining the necessary approvals from the regulatory authorities, approval of the shareholders and completion of all required regulatory documents.

Agthia indicated in a statement to Abu Dhabi Market that it seeks to obtain a fair value opinion from an independent evaluator, to confirm the fairness of the proposed transfer price, and to conclude final agreements including a sale and purchase agreement. Between the company and Nutrition, owned by Abu Dhabi Holding.

and Al-Nabeel Food Industries is a Jordanian company, founded in 1989, with a local and international distribution network that includes more than 20 markets and a production capacity of 43 thousand tons per year in addition to more than 600 products

> The acquisition marks Agthia Group's first entry into the frozen food sector, placing Agthia Group directly at the forefront of this rapidly growing industry. Through its acquisition of Al-Nabeel Food Industries, the group will benefit from immediate access to new sources of income in addition to an opportunity to expand its product base in the frozen and chilled meat sector across the region. Customers through multiple channels including retail centers, restaurants and catering companies.

and during the year ending September 30, 2020, Al Nabeel Food Industries achieved revenues of 365 million dirhams, and profits of 70 million dirhams before interest, taxes, depreciation and amortization of debt, And net income of 32 million dirhams.