UAE’s Agthia Group receives offer for Al Foah Company

Abu Dhabi-based F&B company Agthia Group has confirmed the receipt of an offer from General Holding Corporation (Senaat) to combine the latter’s subsidiary Al Foah Company with Agthia.

Agthia forms part of holding company ADQ.

The key terms of Senaat’s offer are to transfer Al Foah (excluding its organic date farm in Al Ain) to Agthia in exchange of the latter’s issuance of a convertible instrument, translating into 120 million ordinary shares of the F&B giant.

Post conversion, Senaat would own 59.17 per cent of the entire issued share capital of Agthia, up from the current 51 per cent.

The convertible instrument will convert into Agthia’s shares at Dhs3.75 per share.

The offer is subject to regulatory and shareholder approvals.

Agthia’s board of directors will consider the transaction proposed by Senaat before making any recommendation to shareholders.

In case of an agreement, a General Assembly meeting would be held to vote on the transaction.

Read: UAE’s Agthia Group appoints new CEO

In related company news, Agthia Group announced the appointment of Alan Smith as its new CEO in July this year.

Also read: UAE food and drinks maker Agthia shifts to home deliveries