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 Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
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Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.

Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

The contracts settled at five-week highs a day earlier.

"Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG, Reuters reported.

However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.

A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.

Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump's threats.

After news of Trump's threats initially boosted prices on Monday, traders told Reuters they viewed the president's warnings to Russia, at least, as a bluff.

Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.

Tariffs on buyers of oil from Russia, the world's second largest oil exporter, would disrupt global supply and hurt Moscow's biggest customers, China and India.

Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.

"For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries," said ING commodities strategists on Tuesday.

The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.

Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.