CAIRO – 3 March 2024: UAE’s Agthia acquired an additional 10 percent in Abu Auf parent company for LE 691 million, which is equlivent to almost $22 million.
This brings its total share in the Egyptian snack and coffee company to 70 percent according to an Abu Dhabi Securities Exchange (ADX) disclosure. Agthia had previously acquired a 60 percent stake in Abu Auf in 2022 in a transaction valued at valued at LE 2.92 billion.
The Abu Dhabi-based company aims to enhance its footprint in the Egyptian snacking market.
Egypt’s mergers and acquisitions (M&A) in the second half of 2023 increased by 32 percent in deal volume to reach 79 deals compared to 60 deals in the first half of 2023, according to the latest report by Baker McKenzie. The total value increased by 383 percent in the second half of 2023 to $2.8 billion compared to $597 million.
The report showed that in 2023, both total volume declined by 53 percent to reach 139 deals and deal value declined by 62 percent to reach $3.48 billion.
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