By: Ramy Sameeh
Abu Dhabi – Mubasher: Agthia Group seeks to complete a transaction in GCC countries, according to the group’s CEO Iqbal Hamzah.
“We plan to finalise an acquisition in the water sector before the end of this year,” Hamzah noted.
To be financed by banks operating in UAE, the transaction is valued at AED 200-300 million ($54.5-81.7 million), he added.
In October 2015, Agthia acquired a Dubai-based water company for AED 160-180 million ($43.56-49.01 million).
The company is likely to achieve its targeted profits and revenues by the end of this year despite global economic challenges, the CEO said.
Agthia targets to increase distribution of its products and attract more clients, as well as to expand its presence in the northern emirates and other export markets.
“We allocated more than AED 60 million for installing a second high-speed water bottling line, increasing the company’s warehouses and trucks,” Hamzah concluded.
Translated by: Julian Nabil
