UAE's Agthia seeks to buy 60% stake in Egypt snacks firm Abu Auf | Reuters
United Arab Emirates food and beverages group Agthia said on Thursday its board approved a proposed acquisition of 60% of Egyptian snacks company Abu Auf Holding worth 2.92 billion Egyptian pounds ($154.99 million).
Agthia (AGTHIA.AD), majority owned by the Abu Dhabi government through state investor ADQ, has since late 2020 made a string of acquisitions in the region, including previously in Egypt, as it seeks to become one of the top food industry players in the Middle East.
ADQ's acquisitions in Egypt include buying $1.85 billion worth of stakes in five listed companies in April. In May, the UAE's state news agency said ADQ will allocate $10 billion in investment for projects with Egypt and Jordan, including agriculture, pharmaceuticals, minerals, petrochemicals and textiles. read more
Agthia is seeking to acquire the majority stake in Abu Auf, also known as Auf Group, through its subsidiary AG Synergy Holding 1 RSC Ltd (Synergy Holdco) from existing shareholders Ahmed Auf, Mohamed Auf, Ayman Auf and Tanmeya Energy BV, a vehicle managed by Tanmiya Capital Ventures (TCV), it said in a stock exchange filing.
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