Agthia Group Acquires Majority Stake in Egypt’s Atyab

Agthia Group Acquires Majority Stake in Egypt’s Atyab
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Agthia Group Acquires Majority Stake in Egypt’s Atyab

Agthia Group Acquires Majority Stake in Egypt’s Atyab

Agthia Group, the UAE’s leading food and beverages company, has announced that it has completed the strategic acquisition of a majority stake in Ismailia Investments, Atyab, the Egyptian producer of frozen processed chicken and beef products.

Agthia has acquired a majority stake of 75.02% in Ismailia Investments. Atyab’s founder and leader, industry veteran Attito Raslan, will retain a stake in the company and build on his successful track record of growing the business with the backing of Agthia’s financial strength, wide regional reach and industry expertise.

Atyab has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000 sqm manufacturing facility.

Building on its recent complementary acquisition of Nabil Foods in Jordan, Agthia will leverage Atyab to strengthen its position at the forefront of the MENA region’s growing processed protein sector, it said in a statement.

The acquisition will enable Agthia to quickly benefit from new revenue streams, cost and revenue synergy opportunities, wider regional and channel expertise, expanded product offerings, and enhanced financial performance and profitability, it said.

“We are delighted to complete this acquisition that further strengthens our position in the processed protein sector and provides access to millions of new consumers in one of the MENA region’s fastest-growing economies,” the statement quoted Alan Smith, Chief Executive Officer of Agthia Group, as saying.

Raslan said: “The conclusion of this transaction is a key milestone in Atyab’s growth story. The potential of being part of Agthia’s portfolio is very significant and I look forward to working with the group to take Atyab to its next phase of success.”



Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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Oil Rises as Investors Weigh Market Outlook, Tariffs, Sanctions

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Oil prices rose by around 1% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while US tariffs and possible further sanctions on Russia were also in focus.

Brent crude futures were up 76 cents, or 1.11%, at $69.40 a barrel as of 1153 GMT US West Texas Intermediate crude ticked up 82 cents, or 1.23%, to $67.39 a barrel.

At those levels, Brent was headed for a 1.6% gain on the week, while WTI was up around 0.6% from last week's close.

The IEA said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation, Reuters reported.

Front-month September Brent contracts were trading at a $1.11 premium to October futures at 1153 GMT.

"Civilians, be they in the air or on the road, are showing a healthy willingness to travel," PVM analyst John Evans said in a note on Friday.

Prompt tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus.

"OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said in a note.

Further adding support to the short-term outlook, Russian deputy prime minister Alexander Novak said on Friday that Russia will compensate for overproduction against its OPEC+ quota this year in August-September.

"Prices have recouped some of this decline after President Trump said he plans to make a 'major' statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia," ING analysts wrote in a client note.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia's intensifying bombardment of Ukrainian cities.

The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimising such challenges.