Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Agthia Group has agreed on the acquisition of Al Foah Company, the world's largest dates and date-based products processing and packaging company.
To complete the transaction, Agthia will issue to General Holding Corporation (Senaat) mandatory convertible bonds with a nominal value of AED 1 each in an aggregate amount of AED 450 million, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
The mandatory bonds will be converted to 120 million shares at a conversion price of AED 3.75.
Upon conversion of the mandatory conversion bonds, Agthia's issued share capital will rise to AED 720 million from AED 600 million.
It is noteworthy to mention that in October, Agthia's board has received an offer from Senaat for the majority of Al Foah’s business to be transferred to Agthia.
