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”. 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, Agthia operates within the Food, Beverage and Tobacco sector focusing on Packaged Foods and Meats.

Source: Egypt Today April 07, 2021 13:07 UTC