Abu Dhabi – Mubasher: Agthia Group announced the successful completion of its strategic combination with Al Foah, the world’s largest date processing and packaging company based in Abu Dhabi.
With the integration of Al Foah into Agthia as a strategic business unit, Agthia immediately became the domestic market leader in four essential food and beverage categories: water, dates, flour, and animal feed, according to a press release.
Agthia will have an even stronger platform to compete across the MENA region and beyond as a more robust, diversified, and consumer-centric food and beverage player.
The transaction, which was first proposed by the General Holding Corporation (Senaat) to Agthia’s board in October 2020, saw Senaat transfer Al Foah’s business, excluding its organic date farm in Al Ain, to Agthia in exchange for 120 million new shares through the issuance of a convertible instrument.
Senaat now owns 59.17% of the entire issued share capital of Agthia, up from 51%.
On 29 December, Agthia’s board approved issuing mandatory convertible bonds with a nominal value of AED 1 each in an aggregate amount of AED 450 million for the said transaction.
