UAE-based food and beverages company, Agthia, has acquired a majority stake in Egyptian producer of frozen processed chicken and beef products and owner of the Atyab brand, Ismailia Investments.
The acquisition is part of Agthia’s plans to expand its presence in the processed protein sector after the recent acquisition of Nabil Foods.
Ismailia Investments has a portfolio of brands such as Atyab, Meatland, Shiketita, and Furat with a processing capacity of around 70,000 tons per year. The company has 11 distribution centres in Egypt with a workforce of over 2,500 employees.
Khalifa Sultan Al Suwaidi, chairman of Agthia Group commented: “This acquisition is a continuation of our strategy to position Agthia as the leading FMCG player in the MENA region. Egypt is a key growth market for Agthia, and Atyab operates in a sector that is fast-growing and attractive. We are confident that this transaction will create new opportunities for Agthia and deliver enhanced value for our shareholders.”