United Arab Emirates food and beverage group Agthia plans to complete a proposed acquisition of 60 percent of Egyptian snacks company Abu Auf Holding within three months, a senior official said on Monday.
Agthia’s corporate services officer Mubarak Al Mansoori
Agthia’s corporate services officer Mubarak Al Mansoori further told Amwal Al Ghad that the company is totally open to complete several acquisitions and inject new capitals into the Egyptian market in the coming period.
The UAE company’s sales in Egypt have almost reached 500 million dirhams, Al Mansoori said.
Based in Egypt, Abu Auf is a manufacturer, distributor, and operator of retail stores and kiosks of speciality products and healthy snacks, including coffee, nuts, dates, dried fruits, and other kitchen essentials.
After the completion of the deal that is subject to regulatory conditions, the founders will hold 30 percent and TCV, an Egyptian private equity firm which invested in Abu Auf in 2019, will hold a 10 percent stake.
Agthia is majority owned by the Abu Dhabi government through state investor ADQ. Since late 2020, the company made a string of acquisitions in the Middle East, including in Egypt, as it seeks to become one of the top food industry players in the region.
