iPhone | iPad
Android
Huawei
Within six hours of his tweet, Musk’s message had attracted more than 500,000 ‘likes’ on the club’s main Twitter account — though some users didn’t take it too seriously, comparing his tweet with his troubled run at buying Twitter
KT APPDOWNLOAD
EFG Hermes concludes advisory on Agthia’s majority acquisition of Auf Group
The transaction follows a series of successful advisory transactions in the GCC and Egypt since the start of the year.
Maged El Ayouti, managing director and deputy head of EFG Hermes’ Investment Banking division. — Supplied photo
EFG Hermes' investment banking division successfully concluded advising Auf Group's founders and Tanmiya Capital Ventures (TCV) on the entry into a strategic transaction concerning Auf Group, a leading specialised Egyptian healthy snacks and coffee manufacturer and retailer, with UAE-based Agthia, one of the leading food and beverage companies in the region.
The transaction marks the beginning of a new chapter in Auf Group's growth journey to further accelerate its core business growth, expand the reach, and help the Company to realize its potential and growing footprint in Egypt, UAE and beyond.
Maged El Ayouti, managing director and deputy head of EFG Hermes’ Investment Banking division, said: "We are honoured to have advised the shareholders of Auf Group on this milestone transaction which is considered a steppingstone towards accelerating Auf Group’s expansionary goals across regional markets beyond its current Egypt base and recent UAE market entry. Auf Group has built a distinguished brand, innovative product offering, and an impressive direct-to-consumer retailing channel. The transaction is testament to the strong appetite from prominent international institutional investors in agile, efficiently run and innovative companies in Egypt which are able to demonstrate strong growth and who can scale both locally and regionally."
Established in 2010, Auf Group processes, manufactures, retails and distributes a broad portfolio of products including healthy snacks, coffee, nuts, and other confectionary products sold under the "Abu Auf" masterbrand. It has a large direct-to-consumer channel in Egypt operating over 200 outlets (95 branded stores and 113 shop-in-shop outlets) couple with a country-wide distribution reaching 20,000 points of sale in 26 governorates in Egypt, and has recently expanded as part of its strategic geographic expansion into the UAE with 3 outlets operational currently. In 2019, Tanmiya Capital Ventures (TCV), a prominent Egyptian private equity firm, invested in Auf Group in order to accelerate its growth during the last few years and further institutionalised its operations.
The transaction, upon completion, will see Agthia owning 60 per cent of Auf Group, while Auf Group’s founders will retain a combined stake of 30 per cent in the business and continue to lead the company with full backing of Agthia's regional footprint and operational support. Tanmiya Capital Ventures (TCV) remains a committed shareholder with a 10 per cent stake in Auf Group. The acquisition is subject to satisfying customary closing conditions, including obtaining relevant regulatory approvals.
In 2022, EFG Hermes Holding was recognized by the Financial Times and Statista as one of the fastest growing companies in Africa in 2022. This year, the Firm concluded a number of advisory transactions in the GCC and Egypt, including USD 6.1 billion IPO of DEWA in Dubai, the region's largest listing since 2019, $2 billion IPO of Borouge in Abu Dhabi, USD 323 million private placement of Ali Alghanim and Sons in Kuwait, and EGP 1.3 billion IPO of Macro Group Pharmaceuticals on the Egyptian stock exchange. This transaction also follows a series of recent F&B assignments in the region including advising Agthia on the acquisition of Egyptian meat processing company Atyab, the acquisition of Kuwait's Al Faysal Bakery and Sweets, and the acquisition of UAE's health snacks company, BMB Group in 2021. — business@khaleejtimes.com
More news from Business
The move follows a decision on April 1 to ban other Russian metals including copper, lead, primary aluminium and aluminium alloy from British warehouses
China unexpectedly cuts key rates as economic data disappoints; Oil output in Permian Basin to rise to record high in September
The official statistics indicate growth in the demand for local licencing services by customers, both individuals and companies, to reach 7,067 transactions from January to June of this year. The local licence renewal service ranked first with 3,426 transactions
Saudi fund also acquires shares in JPMorgan and BlackRock , buying 3.9 million shares and 741,693 shares, respectively
The emirate’s real estate attracts billions of dirhams investment from foreign investors every year. The sector has been witnessing a strong recovery after the pandemic as the number of transactions reached record high
Emirates continues to reign as the top-funded and most transacted market in Mena accounting for 50 per cent of all the investment accumulated by the region
Accel funded Produze will serve multiple agri produce categories globally serving a $143 billion market