{"id":544559,"date":"2022-03-09T03:32:54","date_gmt":"2022-03-09T03:32:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/agthia-still-has-its-eye-on-egypt-acquisitions\/"},"modified":"2022-03-09T03:32:54","modified_gmt":"2022-03-09T03:32:54","slug":"agthia-still-has-its-eye-on-egypt-acquisitions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/agthia-still-has-its-eye-on-egypt-acquisitions\/","title":{"rendered":"Agthia still has its eye on Egypt acquisitions"},"content":{"rendered":"

<\/a> UAE\u2019s Agthia eyes more Egyptian acquisitions following more than sixfold growth<\/strong> in net income: <\/strong>Emirati state-owned investment firm ADQ Holding\u2019s food subsidiary Agthia has around AED 1.5 bn (USD 408 mn) of \u201cfirepower\u201d to spend on potential acquisitions in Egypt, Saudi Arabia, Pakistan and Turkey, CEO Alan Smith told Reuters<\/a>, after the company reported strong growth in its 2021 financials (pdf)<\/a>. Agthia recorded a 535% y-o-y jump in its net income to AED 216 mn in 2021, on the back of a 49% y-o-y increase in revenues to register AED 3.1 bn. The Emirati food player acquired<\/a>75% of Atyab brand owner Ismailia Agricultural and Industrial Investments last year, following a series of Gulf acquisitions.<\/p>\n

First Abu Dhabi Bank and Abu Dhabi Commercial Bank could soon be one entity: <\/strong>The two UAE lenders are close to finalizing a potential merger, Al Arabiya<\/a> reported yesterday citing sources with knowledge of the matter. If the merger goes ahead, it would create the largest banking entity in the region in terms of assets with more than USD 350 bn, the newspaper said. An announcement could be made by 2Q2022 or 3Q2022 if regulators approve the merger.<\/p>\n

Higher crude prices could translate into fewer sukuk issuances in the Gulf in <\/strong>2022<\/strong>, Bloomberg<\/a>reported, citing a report from ratings agency Moody\u2019s. The surge in oil prices on the back of Russia\u2019s invasion of Ukraine means the six oil-rich GCC countries won\u2019t need as much financing through Islamic bonds, with Moody\u2019s estimating overall issuances to fall to USD 160-170 bn from USD 181 bn last year.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,397<\/p>\n<\/td>\n

\n

-2.8% (YTD: -13.30%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,851<\/p>\n<\/td>\n

\n

+0.3% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,732<\/p>\n<\/td>\n

\n

+0.6% (YTD: +14.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,412<\/p>\n<\/td>\n

\n

-0.2% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,196<\/p>\n<\/td>\n

\n

-0.1% (YTD: -11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

6,964<\/p>\n<\/td>\n

\n

+0.1% (YTD: -5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 129.20<\/p>\n<\/td>\n

\n

+4.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.53<\/p>\n<\/td>\n

\n

-6.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,043<\/p>\n<\/td>\n

\n

+2.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 38,537<\/p>\n<\/td>\n

\n

+1.9% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 2.8% at yesterday\u2019s close<\/strong> on turnover of EGP 1.29 bn (27.1% above the 90-day average). Local investors were net buyers. The index is down 13.0% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+1.2%), EFG Hermes (+1.1%) and ADIB Egypt (+0.1%).<\/p>\n

In the red: <\/strong>MM Group (-8.6%), Heliopolis Housing (-5.5%) and CIB (-4.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

UAE\u2019s Agthia eyes more Egyptian acquisitions following more than sixfold growth in net income: Emirati state-owned investment firm ADQ Holding\u2019s food subsidiary Agthia has around AED 1.5 bn (USD 408 mn) of \u201cfirepower\u201d to spend on potential acquisitions in Egypt, Saudi Arabia, Pakistan and Turkey, CEO Alan Smith told Reuters, after the company reported strong […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[988,1326,72,119,882,1143,1325,7128,1327,1324,122,270,594,280,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544559","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abu-dhabi-commercial-bank","tag-agthia","tag-enterpriseam","tag-financial-markets","tag-first-abu-dhabi-bank","tag-google","tag-islamic-bonds","tag-ma-watch","tag-mandiant","tag-moodys","tag-planet-finance","tag-russia","tag-shell","tag-sukuk","tag-uae","wpautop","entry"],"acf":{"mongo_id":"4521ef8b-30e6-4cc8-a35c-62d6cc5efc6f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544541],"teaser":"","voice_url":""},"yoast_head":"\nAgthia still has its eye on Egypt acquisitions - 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Agthia, which is majority-owned\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565484,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/12\/emirati-foods-group-agthia-has-big-plans-for-egypt-and-mena\/","url_meta":{"origin":544559,"position":1},"title":"Emirati foods group Agthia has big plans for Egypt and MENA","author":"enterpriseam admin","date":"12 April 2021","format":false,"excerpt":"Egypt is a priority market for UAE-based foods group Agthia, which plans to become a MENA leader by 2025 through boosting efficiency and striking more M&A agreements, Chief Executive Alan Smith tells Reuters. The company is currently in talks to acquire 75% of Ismailia Agricultural and Industrial Investments, the frozen\u2026","rel":"","context":"In "SPEED ROUND: INVESTMENT WATCH"","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/394.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616241,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/b-investments-granted-more-time-to-submit-mto-for-ofh-plus-agthia-ups-stake-in-abu-auf-basata-acquires-jordanian-fintech-stake\/","url_meta":{"origin":544559,"position":2},"title":"B Investments granted more time to submit MTO for OFH. PLUS: Agthia ups stake in Abu Auf, Basata acquires Jordanian fintech stake","author":"enterpriseam admin","date":"3 March 2024","format":false,"excerpt":"B Investments wants to submit an MTO for up to 90% of Orascom Financial Holding","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/11.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620608,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/23\/agthia-wants-to-boost-its-exports-out-of-egypt-plus-news-from-te-vodafone-huawei\/","url_meta":{"origin":544559,"position":3},"title":"Agthia wants to boost its exports out of Egypt. PLUS: News from TE, Vodafone, Huawei","author":"enterpriseam admin","date":"23 May 2024","format":false,"excerpt":"Agthia\u2019s exports from Egypt hit AED 24 mn in the first quarter of the year","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1873.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577689,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/01\/adqs-agthia-now-owns-60-of-auf-group\/","url_meta":{"origin":544559,"position":4},"title":"ADQ\u2019s Agthia now owns 60% of Auf Group","author":"enterpriseam admin","date":"1 December 2022","format":false,"excerpt":"UAE\u2019s Agthia is now the majority owner of Abu Auf: Emirati food and beverage major Agthia has completed its acquisition of a 60% stake in Egyptian food company Auf Group, Agthia said in astatement (pdf). The stake was sold by three members of the Auf family as well as Tanmiya\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/7.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565418,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/adqs-agthia-is-one-step-closer-to-atyab-takeover\/","url_meta":{"origin":544559,"position":5},"title":"ADQ\u2019s Agthia is one step closer to Atyab takeover","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"ADQ Holding\u2019s Agthia to move forward with Atyab acquisition soon: Emirati state-owned investment firm ADQ Holding\u2019s food subsidiary Agthia has approved a bid to acquire 75% of Atyab brand owner Ismailia Agricultural and Industrial Investments, according to Hapi Journal. The takeover, which could be valued at up to EGP 3.2\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544559"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544559\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544541"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544559"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544559"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}