April 8, 2021

UAE Agthia Group to acquire 75% of Egypt's Ismailia Agricultural

Agthia Group, an Abu Dhabi-listed food and beverage company, is set to acquire 75% of Ismailia Agricultural and Industrial Investment, which produces frozen chicken and beef products under four brands in Egypt, Reuters reported.

In a stock exchange filing, Agthia said the acquisition will give Ismailia an enterprise value of EGP 3.22 billion (~US$205.6 million; EGP 10 = US$0.64).

The Agthia Group is owned by ADQ, an Abu Dhabi state-owned holding company. They have made several acquisitions recently to become a major player in the region's food and beverage industry.

- Reuters