Abu Dhabi’s Agthia to buy 75% stake in Egyptian meat processor Atyab

Abu Dhabi’s Agthia to buy 75% stake in Egyptian meat processor Atyab

Abu Dhabi-based food group Agthia is buying a a majority stake in Egypt's Ismailia Investments, which makes frozen chicken and beef products.

Agthia said its board approved the acquisition of a 75.02 per cent stake in the company, also known as Atyab, in a deal that values it at about 3.22 billion Egyptian pounds ($205 million), according to a filing on the Abu Dhabi Securities Exchange, where its shares trade.

“This acquisition is a continuation of our strategy to position Agthia as the leading FMCG [fast moving consumer goods]player in the Middle East and North Africa region," Agthia's chairman Khalifa Al Suwaidi said. "Egypt