UAE’s Agthia eyes entry into halal processed protein sector with acquisition of Jordan’s Nabil Foods
UAE F&B group Agthia is eyeing entry into the processed meat protein sector with an acquisition of Jordanian company Nabil Foods.
Agthia said in a statement on Tuesday (Jan 19) that it is seeking to acquire an indirect stake of 80% in Nabil Foods. This includes a 60% stake from ADQ in exchange for a convertible instrument and a further 20% stake from Ideal Holding Limited. ADQ was formerly known as Abu Dhabi Developmental Holding Company.
The fixed price at which the instrument will convert into shares in Agthia is 5.50 dirhams per share, which would give it an equity value of 394 million dirhams ($107.28 million) for a 60% stake in Nabil Foods.
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