Abu Dhabi’s General Holding Corporation, or Senaat, has put in an offer to merge one of its units with food and beverage company Agthia.
Senaat is owned by ADQ, a holding company with a diversified portfolio established by the government of Abu Dhabi. ADQ was previously known as the Abu Dhabi Developmental Holding Company before expanding its remit and rebranding in March this year.
Senaat currently owns 51% of Agthia. It is now proposing to transfer one of its units, Al Foah (excluding its organic date farm in Al Ain), to Agthia in exchange for 120 million ordinary shares in the F&B company. This will take Senaat’s ownership of Agthia to 59.17%.
The fixed conversion price for the 120 million ordinary shares is 3.75 dirhams per share, Agthia said in a bourse filing on Tuesday (Oct 6).
The offer is subject to regulatory and shareholder approvals.
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