The Emirates Food Company plans to complete the due diligence procedures to acquire a controlling stake from the Ismailia Company for Agricultural and Industrial Investment, which owns the “Atyab” trademark, within the next month, provided that all implementation requests will be completed in the first half of the current year.
Sources close to the negotiations said that the share to be sold will not be less than 75% of its capital, and the Emirati company appointed Hermes Financial Group as a financial advisor for the deal.
The General Holding Company, owned by the ADQ Holding Company, controls 51% of Agthia, while other institutional and individual investors own the remaining share of the shares.
The sources clarified that the final financial value of the deal will be determined after the completion of the technical examination, which negates the financial and legal ignorance, and determines the value of the liabilities of the company, if it exists.
She stated that the Emirati company intends, through the acquisition of Atyab, to achieve its vision of sustainable food development in addition to increasing export rates.
The “stock exchange” had published last October the intention of an Arab fund to acquire a company Atyab Worth 3 billion pounds.
Agthia operates in the food, beverage and tobacco sector focusing on packaged foods and meats.
The sources said that the Emirati company wants to keep the main founder of the company in the management process, if it is acquired.
The Egyptian Sovereign Fund had signed an agreement in 2019 with ADQ Holding to establish an investment platform worth 20 billion dollars, to invest in many vital sectors with the aim of presenting a new vision for the concept of concerted efforts through the implementation of joint strategic investments that achieve a profitable economic return for both parties with a focus on projects. Economic development in various sectors.
The Emirati “Agthia” article completes the examination of “Ismailia Investment – Atyab” next month, it was written in the Al-Borsa newspaper.