finance & economy

''Agthia'' has no plans to list Abu Auf on stock exchange: Group's CEO tells Et

December 5, 2022

CAIRO - 4 December 2022: Agthia Group has no plans to list Abu Auf Company on the stock exchange, Chief Executive Officer of the group, Alan Smith told Egypt today (Et).

Smith referred to the reasons behind the acquisition of Abu Auf Company, saying that,” what excited us about the company was really the journey, the growth journey that's been on the resilience of Abu Auf family themselves, the three brothers who ran the business, and they still have a good shareholding in it.”

“We're looking forward to working with them to accelerate the business even faster, bringing the benefit of Agthia’s scale with its brand building innovation and speed to market capabilities,” he added.

On Nov. 30, Agthia Group announced the completion of its acquisition of a 60 percent stake in Auf Group, a specialized healthy snacks and coffee manufacturer and retailer in Egypt, at a value of LE 2.9 billion.

Abu Auf founders retain a stake of 30 percent in the company and continue to lead the group.

As for the remaining 10 percent stake, Tanmiya Capital Ventures owns it; which was acquired in 2019.

The deal will enhance Agthia’s presence in the snack food market in Egypt, which is expected to increase from AED 8.7bn ($2.3bn) in 2020 to about AED 11.2bn ($3bn) by the end of 2024, according to Euromonitor.

Smith added in a press statement that this is an important acquisition for Agthia that further expands its footprint in the snacking and healthy food verticals.

“We look forward to integrating Auf Group as part of Agthia while monetizing synergies and growth opportunities. We are also excited to expand our presence in Egypt and look forward to working closely with the Auf Group team to bolster their strengths and capabilities,” he added.

egypttoday



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