Agthia completes transaction with Al Foah to create Top 10 F&B company in the region

Agthia completes transaction with Al Foah to create Top 10 F&B company in the region

 Agthia is now domestic champion in four essential F&B categoriesAl Foah will operate as a strategic business unit within Agthia   Agthia Group PJSC, a leading food and beverages company, today announced the successful completion of its strategic combination with Al Foah, the world's largest date processing and packaging company based in Abu Dhabi.With the integration of Al Foah into Agthia as a strategic business unit, Agthia has instantly become the domestic market leader in four essential food and beverage categories: water, dates, flour, and animal feed, in addition to having a diversified international exposure within the date category. As a more robust, diversified, and consumer-centric food and beverage player, Agthia will have an even stronger platform to compete across the MENA region and beyond.The transaction - which was first proposed by General Holding Corporation PJSC (Senaat) to the Agthia Board of Directors in October 2020 and received approval from Agthia's shareholders in November 2020 - saw Senaat transfer Al Foah's business, excluding its organic date farm in Al Ain, to Agthia in exchange for 120 million new shares through the issuance of a convertible instrument. As a result, Senaat now owns 59.17% of the entire issued share capital of Agthia, up from