Abu Dhabi – Mubasher: Agthia Group has completed the acquisition of an additional 10% shareholding in Egypt-based healthy snacks and coffee manufacturer and retailer Auf Group.
Through this transaction, the ADX-listed group increased its equity ownership in Auf Group to 70%, according to a press release. This followed the 60% stake acquired in November 2021.
The initial acquisition of Auf Group enabled Agthia to boost its footprint in the promising Egyptian snacking market and anchor its position as a leading regional consumer packaged goods (CPG) company.
Alan Smith, CEO of Agthia, said: “Following this consolidation, we look forward to continuing to work closely with the Auf Group team to bolster their strengths and capabilities to get their products not only to more consumers in Egypt but others in the GCC region and around the world.”
Ahmed Auf, CEO of Auf Group, commented: “Our focus remains on maintaining our unique position in the Egyptian snacking market while expanding our reach and footprint.”
In the 12-month period that ended on 31 December 2023, the UAE group logged 9.90% higher net profits at AED 299.56 million, compared to AED 272.58 million in 2022.
