Agthia Group PJSC (ADX:AGTHIA) agreed to acquire 60% stake in Al-Nabil Food Industries Co. Ltd. from Abu Dhabi Developmental Holding Company PJSC for approximately AED 390 million on January 19, 2021. Under the transaction, in consideration for the issuance by Agthia to Abu Dhabi Developmental Holding Company of mandatory convertible bonds convertible into shares in Agthia at a proposed price of AED 5.5 per new shares in aggregate principal amount AED 393.7 million. In a separate transaction, Agthia Group entered into call option to acquire 20% stake from Ideal Holding Limited on January 19, 2021. As of February 18, 2021 Board of Agthia recommended shareholders to accept the transaction.
Transaction is subject to customary closing conditions, including obtaining necessary regulatory approvals from Securities and Commodities Authority, obtaining fairness opinion from an independent valuer approved by SCA, entry into definitive transaction documents, and obtaining approval from shareholders of Agthia. The board of Agthia Group has approved to acquisition after receiving some key regulatory approvals. Rothschild (Middle East) Limited acted as fairness opinion provider and financial advisor to Agthia.
Agthia Group PJSC (ADX:AGTHIA) completed the acquisition of 60% stake in Al-Nabil Food Industries Co. Ltd. from Abu Dhabi Developmental Holding Company PJSC on May 17, 2021.