Abu Dhabi intends to merge two food and beverage companies to establish a new national entity in this sector, as part of efforts led by the government-owned Holding Company.
The “Holding” company said that its affiliated industrial group, Senaat, made a non-binding offer to the board of directors of Agthia Group, listed on the Abu Dhabi Stock Exchange, to transfer the majority of Al Foah to Agthia. Al-Foah, which is owned by Senaat, is the largest manufacturing and packaging company of dates in the world.
“The holding” said in a statement: “The proposed offer will merge two leading companies in their fields of supplementary products for food and beverages to create one of the ten most important entities for food and consumer beverages in the MENA region.
According to the proposal, “Senaat” would transfer the total issued capital shares of “Al Foah” to “Agthia” in exchange for “Food” for the benefit of Industries “convertible instrument” to be issued to 120 million ordinary shares in “Agthia” upon closing the deal.
The holding said: “The price of the convertible instrument will be 3.75 dirhams per share, which implies an equity value of 450 million dirhams ($ 122.52 million) per share. After completing the deal, “Senaat” will own 59.17% of the total capital issued for food, up from the 51% it currently owns. The Holding Company owns strategic assets such as Abu Dhabi Ports, Abu Dhabi Airport, and the operating company of the Abu Dhabi Stock Exchange. It also established a portfolio of food and agricultural activities.
Read also:
“Senaat” proposes to unify “Al Foah” and “Agthia” business
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