Abu Dhabi – Mubasher: The board of Agthia Group has received an offer from General Holding Corporation (Senaat), a part of ADQ and the sole shareholder of Al Foah Company, for the majority of Al Foah’s business to be transferred to Agthia.
Senaat’s offer includes the transfer of Al Foah, except for its organic date farm in Al Ain, to Agthia, according to a press release on Tuesday.
In exchange, Agthia would issue to Senaat an instrument convertible into 120 million of its ordinary shares at a price of AED 3.75 per share upon closing the transaction.
Following the conversion, Senaat would raise its ownership in Agthia to 59.17% of the entire issued share capital of Agthia from 51%.
The CEO of ADQ, Mohamed Hassan Alsuwaidi, said: “The combined company will have the scale, strength and ambition to create one of the top 10 F&B players in the Middle East.”
Alsuwaidi added: “We also see an opportunity to leverage Agthia’s expertise in FMCG brands across Al Foah’s world-class date offering to help accelerate sales in established and new markets and categories.”
