This brings its total share in the Egyptian snack and coffee company to 70% according to an Abu Dhabi Securities Exchange (ADX) disclosure
UAE’s Agthia acquired an additional 10% in Abu Auf's parent company for EGP 691 million, which is equlivent to almost $22 million.
This brings its total share in the Egyptian snack and coffee company to 70% according to an Abu Dhabi Securities Exchange (ADX) disclosure. Agthia had previously acquired a 60% stake in Abu Auf in 2022 in a transaction valued at valued at EGP 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% 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% 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% to reach 139 deals and deal value declined by 62% to reach $3.48 billion.
