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FinancialNews


  • 09-11-20

    UAE's al-Fuah, Agthia Companies ink Middle East's largest merger deal

    (MENAFN) On Monday, food-based major Agthia announced that its board of directors had agreed to continue a strategic transaction to combine with Al Foah Company, Abu Dhabi 's largest date processing and packaging company in the world.

    The Board of Directors will recommend to the shareholders of Agthia that they approve the offer received on October 6 from General Holding Corporation (Senaat) to combine it with its wholly owned subsidiary.

    The agreement will produce one of the MENA region's 10 largest consumer F&B players by revenue.

    The main terms of the contract made by Senaat are the transfer to Agthia of Al Foah, excluding its organic date farm in Al Ain, in consideration of the issuance of a convertible instrument by Agthia to Senaat, to 120 million ordinary shares in Agthia upon closing of the transaction.

    MENAFN09112020000045011136ID1101095258

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