The Board of Directors of Abu Dhabi-based Agthia Group, a company operating in food and beverages, has approved the acquisition of majority stakes in Ismailia Investments, an Egyptian producer of frozen processed chicken and beef products, Zawya reports. The board did reveal the value of the investment accounting for 75.02 per cent.
“This acquisition is a continuation of our strategy to position Agthia as the leading FMCG player in the MENA region. Egypt is a key growth market for Agthia, and Atyab operates in a sector that is fast-growing and attractive,” Khalifa Sultan Al Suwaidi, the chairman of Agthia Group, said.
Ismailia Investments manages a portfolio of four brands namely Atyab, Meatland, Shiketita and Furat.
It employs more than 2,500 and 11 distribution centers spread across Egypt. The company posted a net revenue of AED 424 million ($116 million) with EBITDA of AED 79 million, Zawya notes.
Agathia recently added to its portfolio of companies, Jordan-based frozen protein products brand Nabil Foods. It also acquired last year two companies, a local dates and confectionary firm, Al Foah, and Al Faysal Bakery and Sweets Company in Kuwait.
The holding is controlled 51 percent by Abu Dhabi’s investment holding company, Senaat.
Abu Dhabi–based Agthia Group acquires majority stakes in Egyptian meat producer
