ABU DHABI: Abu Dhabi-listed Ghitha Holding has announced its intent to acquire a controlling stake in International Food Industries (IFI), a prominent canned food manufacturer based in Fujairah.
The strategic move underscores Ghitha Holding’s commitment to expanding its portfolio in the food sector and enhancing its market presence.
The acquisition will be facilitated through Ghitha Holding’s subsidiary, Zee Stores International, which has entered into a share subscription agreement to acquire 70 per cent of the shares in International Food Industries.
The total consideration for this transaction amounts to AED 41 million (approximately $11.2 million), marking a notable investment in the UAE’s food production landscape. As a retail subsidiary of the Abu Dhabi conglomerate International Holding Company (IHC), Ghitha Holding specialises in a diverse range of food and non-food products, positioning itself as a key player in the region’s market.
However, the completion of this acquisition is contingent upon obtaining the necessary regulatory approvals, which are outlined within the subscription agreement. This includes adherence to specified conditions that must be met to ensure compliance with local laws and regulations.
Overall, the acquisition of International Food Industries aligns with Ghitha Holding’s strategic objectives and reflects a broader trend of consolidation within the food industry in the UAE, aimed at achieving operational synergies and enhancing competitiveness.
As the transaction progresses, stakeholders will be watching closely for further developments and their implications for the regional market dynamics.
