UAE-based Agthia intends to acquire a majority stake in “Atyab” Egypt

UAE-based Agthia intends to acquire a majority stake in “Atyab” Egypt

CAIRO – 7 April 2021: Agthia Group PHSC announced Wednesday the approval of the company's board of director to acquire an indirect 75.02 percent stake in Egypt's Ismailia Agriculture and Industrial Investment (Furat) “Ismailia”.

 

Ismailia is an Egyptian incorporated company that was founded in 2004 and is a producer of frozen chicken and beef products, with a portfolio of four brands – Atyab, Meatland, Shiketita and Furat –catering to the value, economy and premium segments of the Egyptian market, Agthia noted in a statement.

 

It added that the enterprise value of 75.02 percent is LE 3.21 billion ( AED 752.18 million), noting that the deal is subject to customary completion account adjustments for cash, debt, capex and working capital.

 

Agthia stated that it will incorporate two wholly-owned subsidiaries as private limited companies with nominal share capital in the Abu Dhabi Global, which will be used as acquisition vehicle to acquire the 75.02 percent stake in Ismailia.

 

According to the statement, the founder of Atyab, Attito Raslan, would maintain a stake in the Egyptian company to continue the businesses' growth with the support of Agthia's financial strength.

 

Established in 2004,