Al Foah - now majority-owned by Agthia Group

Al Foah - now majority-owned by Agthia Group

United Arab Emirates-based food company Agthia Group is to take a majority stake in local date processing and packaging firm Al Foah Co., currently owned by industrial investment business Senaat.

Agthia, a producer, distributor and marketer of food and beverage products, will pay UAE-based Sennat the equivalent in its own shares of AED450m (US$122.5m) for the stake.

Post-deal, Senaat will own 59.17% of the shares in Agthia, up from its current 51% holding.

Agthia, a subsidiary of General Holding Corp., 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.

The Abu Dhabi-based company, which is listed locally, recorded total revenues of AED571m and a net profit of AED27m in Q1, 2020.

Al 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.