Abu Dhabi – Mubasher: Agthia Group's shareholders have approved to acquire an 80% stake in Nabil Foods, a Jordan-based producer of frozen and chilled processed protein products after receiving the required regulatory approvals.
The completion of the transaction enables Agthia to enter the processed protein industry for the first time through Nabil Food with distribution in over 20 local and international markets, according to a press release on Monday.
Through the acquisition, the Emirati company will also establish its presence in Jordan for the first time.
Agthia has acquired the majority stake in Nabil Foods, including a 60% stake from ADQ in exchange for a convertible instrument and a further 20% stake acquired from Ideal Holding Limited in exchange for cash.
The instrument will be converted into shares in Agthia at a fixed price of AED 5.50 per share, implying an equity value of AED 394 million.
The CEO of Agthia, Alan Smith, said: "This acquisition is well-aligned with our 2025 transformational strategy that is focused on pursuing new, scalable opportunities in the region over the next five years that will help extend Agthia’s market leadership, provide significant value for all our stakeholders and continue to drive profitability with a consumer-centric approach."
It is noteworthy to mention that in February 2021, the company's board approved to acquire a majority stake in the Jordan-based company after obtaining some key regulatory approvals.
