Agthia Group PJSC (ADX:AGTHIA) received offer to acquire AL Foah Company LLC from Senaat General Holding Corporation for AED 450 million on October 6, 2020. Agthia Group PJSC (ADX:AGTHIA) signed an agreement to acquire AL Foah Company LLC from Senaat General Holding Corporation on November 8, 2020. Under the terms of transaction, Agthia will issue to Senaat convertible instrument, convertible into 120 million ordinary shares in Agthia upon closing of transaction. Post conversion, Senaat would own 59.17% of entire issued share capital of Agthia, up from 51% it currently owns. The fixed conversion price at which the convertible instrument will convert into shares in Agthia is AED 3.75 per share. Transaction is subject to customary closing condition, including regulatory and shareholder approvals. On 9 November 2020, Agthia announced that the Agthia Board had voted to recommend the Transaction to its shareholders. At the period ending June 2020, Al Foah reported revenue of AED 470 million, EBITDA of AED 96 million, net income of AED 77 million and assets of AED 901 million. The Transaction is immediately accretive for shareholders of Agthia. KPMG acted as fairness opinion advisor for Agthia..
Agthia Group PJSC (ADX:AGTHIA) completed the acquisition of AL Foah Company LLC from Senaat General Holding Corporation on January 6, 2021.