UAE -based food and beverage company Agthia Group has agreed to acquire a 75.02% stake in Ismailia Investments.

According to the agreement, the remaining stake will be retained by the company’s founder Attito Raslan.

The financial details of the deal have not been disclosed.

Ismailia Investments is engaged in the production of frozen chicken and beef products, which are retailed in the Egyptian market under four different brands, including Atyab, Meatland, Shiketita and Furat.

It operates a manufacturing facility with a capacity to manufacture 70,000tpa of food products and has 11 distribution centres across Egypt.

The company has a total workforce of more than 2,500 employees.

Agthia Group chairman Khalifa Sultan Al Suwaidi said: “This acquisition is a continuation of our strategy to position Agthia as the leading FMCG player in the MENA region.

“Egypt is a key growth market for Agthia, and Atyab operates in a sector that is fast-growing and attractive. We are confident that this transaction will create new opportunities for Agthia and deliver enhanced value for our shareholders.”

Upon completion, the four brands will be part of Agthia’s existing Egyptian operations.

Atyab chairman and CEO Attito Raslan said: “We are delighted at the prospect of becoming part of Agthia and see this acquisition as a great opportunity to further accelerate our growth, strengthen our leadership position in Egypt and expand our reach into new markets.

“This acquisition would also further cement the strategic partnership between the UAE and Egypt.”

Completion of the deal is subject to subject to customary closing conditions, including relevant regulatory approvals.

In January, Agthia Group secured board approval for the acquisition of a majority holding in Nabil Foods, a frozen and chilled processed protein products manufacturer.