According to Arab Net, Food said in a statement. The portfolio of Ismailia Agricultural Investment Company includes four trademarks are Atyab, Mittland, Chicteta, and flights. The company provides a wide range of products serving through which different audience categories in the Egyptian market.
Through this deal will acquire the majority share of 75.02% from Ismailia Agricultural Investment Company.
The annual production capacity of Atyab is about 70,000 tons across a number of facilities and production lines, including a manufacturer with an area of 60,000 square meters.
A significant growth in its revenues achieved an annual rate of about 28% between 2016 and 2020, with strong profit margins in 2020 amounted to about 19% before the interest, tax, consumption and fire. In 2020, the company has achieved net revenues of AED 424 million and profits of AED 79 million before interest, tax, consumption and fire. The company has 11 distribution center throughout Egypt and has more than 2,500 employees.
Freischields Brookhaus Dringerg as an international legal adviser to a food group, while Maatouk Basioni and Henawi are working as a legal adviser to the group in Egypt and the financial group Hermes as a financial adviser to the Food Group.
First Capital Financial Consultancy as a financial adviser to Atyab's shareholders, while the Adasiro-Raji Suleiman & Partners Office works as a legal adviser to Atyab's shareholders.
The Assembly, Chairman of Food Group, Khalifa Sultan Al Suwaidi, said the acquisition was largely in line with the Group's strategy to consolidate its position in consumer goods at the Middle East and North Africa region, where Egypt is a major market to stimulate the group's growth in particular. Promising and fast growing.
In turn, Chief Executive Officer of Food Group, Alan Smith said: "The proposed acquisition of Atyab is an extension of a food group in the frozen meat sector after we have recently announced the approval of the Board of Directors to acquire the Nabeel Food Industries Company.
He added that the new deal will develop a food group at a growing sector for one of the fastest growing economies in the Middle East and North Africa, and the largest consumer market with 100 million people, overcoming young people and growing potential.
The Chairman and Chief Executive Officer of Atyab, Attito Raslan, said the deal was a great opportunity to push the company's growth and establish its leaders in Egypt as well as ...
