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April 7, 2021updated 11 May 2021 7:26pm

UAE’s Agthia to take controlling stake in Egyptian meat business Atyab

By Andy Coyne

UAE food business Agthia Group plans to take a majority stake in Egyptian meat business Ismailia Agricultural and Industrial Investment, known as Atyab.

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In a filing on the Abu Dhabi Securities Exchange (ADX), today (7 April), Agthia said its board had approved a deal for it to acquire a 75.02% stake in Atyab.

Two wholly-owned units of Agthia will be incorporated as private limited companies with nominal share capital in the Abu Dhabi Global Market and used as acquisition vehicles for the transaction.

It is buying the stake from three named owners and “various minority sellers”.

Agthia’s acquisition of the stake would give Atyab an enterprise value of EGP3.22bn (US$205.6m), it said in its filing.

In January, Agthia, majority-owned by Abu Dhabi state-owned holding company Abu Dhabi Development Holding Company (ADQ), announced it planned to take a majority stake in Jordan-based meat-products firm Nabil Foods.

Atyab produces frozen chicken and beef products under four brands in the Egyptian market - Atyab, Meatland, Shikitita and Furat.

It has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000 sq m manufacturing facility. Its founder Attito Raslan will retain a stake in the company post-transaction.

just-food has asked Agthia and Atyab for their comments on the deal.

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Innovation Update Q2 2022: Meat and Meat Alternatives

Meat alternatives continue to push boundaries, as companies explore 3D printed, plant-based, and precision fermentation-based alternatives. As a result, shoppers are more open to experimental formulations that introduce new flavors to meat products, blur traditional food categories, or swap in new ingredient types. It is vital for their development that retailers acknowledge this range of emerging trends during these increasingly uncertain times. Brands must continue to understand how consumer needs and desires change, and offer a range of products that reflect the world around them, therefore developing purchasing and consumption decisions. Exciting non-traditional formulations are hitting the market - following the trajectories and target audiences of these launches will help other brands find their niche. Consult our report on Meat and Meat Alternatives, from the collection of >17,000 reports on GlobalData Explorer, to:  
  • Understand the current market dynamics of the Meat and Meat Alternatives Sector
  • Assess strategies implemented by companies to better penetrate the market
  • Understand the key themes in the market that these companies and their respective products appear to be targeting
  • Marketing / Advertising strategies being used by these players for specific products
  • Other segment-specific analysis (packaging, design, flavors etc.)
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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