United Arab Emirates-based food company Agthia Group is to combine with local date processing and packaging firm Al Foah Co.
Abu Dhabi state-owned holding company ADQ is the majority shareholder of the publicly-listed Agthia through industrial conglomerate General Holding Corporation PJSC, which is also known as Senaat.
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Senaat is also the owner of Al Foah Co., the world’s largest date processing and packaging business.
Under the terms of the merger, Senaat will transfer all its shares in Al Foah to Agthia in exchange for an increased stake in the business.
Senaat had owned 51% of Agthia but, after the combination with Al Foah Co. it will take that stake to just under 59.2%. The Agthia board will now consider the offer.
Agthia manufactures or distributes yogurt, tomato paste, chilli paste and frozen vegetables and baked goods, amongst other things. Apart from the UAE, it has operations in Saudi Arabia, Kuwait, Egypt, Turkey and Oman.
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By GlobalDataAl Foah was established in 2005 by the Abu Dhabi government to take responsibility for a number of date production and processing assets, including an organic farm in Al Ain and two factories in Al Saad and Al Marfa.
Its portfolio consists of whole dates, value-added dates (stuffed and chocolate-coated) and date-based products (date syrup, date paste and date halwa). The company’s products are exported to 45 countries.
