Agthia Group PJSC, one of the region’s leading food and beverages companies, which is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced today that its Board of Directors has received an offer from General Holding Corporation PJSC (“Senaat”) to combine its wholly-owned subsidiary, Al Foah Company LLC (“Al Foah”), with Agthia.

The key terms of Senaat’s offer are to transfer Al Foah(excluding its organic date farm in Al Ain) to Agthia in consideration for the issuance by Agthia to Senaat of a convertible instrument, convertible into 120 million ordinary shares in Agthia upon closing of the transaction.Post conversion, Senaat would own 59.17% of the entire issued share capital of Agthia, up from the 51% it currently owns. The fixed conversion price at which the convertible instrument will convert into shares in Agthia is AED 3.75 per share.

The offer is subject to regulatory and shareholder approvals.

The Board of Agthia will consider the transaction proposed by Senaat before making any recommendation to shareholders. Should an agreement be reached between the parties, a General Assembly meeting would be held to vote on the transaction. At this time, there is no certainty that any transaction will occur.

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