Agthia Group completed its transaction to buy Kuwait's Al Faysal Bakery and Sweets, the company said in a statement late on Wednesday. It did not disclose the financial details of the deal.
"We hereby confirm that the acquisition is now completed and 100 per cent stake in Al Faysal Bakery and Sweets has been transferred to the company according to the procedures adopted in Kuwait," Agthia said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
The Abu Dhabi-based food and beverage company, which is part of one of the region’s largest holding companies, ADQ, said the transaction will allow it to strengthen its regional footprint and expand its portfolio within consumer products.
The acquisition also quadruples the size of Agthia’s business in Kuwait, which includes the joint venture Al Rammah National for General Trading and Contracting Company that produces Al Ain Water.
Agthis "is committed to significantly increasing its regional presence through a diversified portfolio that will drive compelling value to shareholders," Khalifa Sultan Al Suwaidi, the company's chairman and chief investment officer of ADQ, said.
"Acquiring Al Faysal Bakery and Sweets marks a key milestone for Agthia, enabling the group to accelerate on its roadmap and strengthen its leading role in the FMCG sector."
Al Faysal Bakery and Sweets, which has been operating in Kuwait since 1991, generated revenues of Dh90 million in the 12-month period ended September 30, 2020, and net income of Dh12m. It employs more than 500 people and serves retail food outlets in the country.
Through its diverse products and in-house distribution capabilities, Al Faysal Bakery and Sweets will help Agthia capture more market share in Kuwait, Alan Smith, chief executive of Agthia Group, said.
Acquiring Al Faysal Bakery and Sweets marks a key milestone for Agthia, enabling the group to accelerate on its roadmap and strengthen its leading role in the FMCG sector
Earlier this month, Agthia bought a majority stake in Jordan's Nabil Foods, marking its first foray into the processed food industry.
Agthia recently completed its merger with date processing firm Al Foah and has been diversifying its portfolio with investments in complementary food sectors.
Established in 2004, Agthia’s assets are located in the UAE, Oman, Kuwait, Saudi Arabia, Egypt and Turkey. It manufactures a variety of brands in different categories including water and beverages, flour and animal feed, processed fruits and vegetables, dairy and frozen products.
MATCH INFO
Final: England v South Africa, Saturday, 1pm
Company%C2%A0profile
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MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
THE%20HOLDOVERS
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EXPATS
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Pros%20and%20cons%20of%20BNPL
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RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
