Agthia seems to be heading straight to the main course at the buffet aisle!
The UAE-based food and beverages group (AGTHIA) announced it intends to buy a majority stake (80%) in Nabil Foods, a Jordanian producer of frozen and chilled processed protein foods, distributed across an array of local and international markets. Of the steak, 60% will be acquired from ADQ (former Abu Dhabi Developmental Holding Company) and 20% from Ideal Holding Limited.
Nabil Foods is no small business either – they have been around for over 75 years and own more than 600 individual product lines. Its products are 100% Halal, and if the sale goes through, it will be Agthia’s first taste of the processed protein industry.
Despite the news, Agthia Group was trading around 2.4% lower on Tuesday. Is Agthia biting off more than they can chew?