Arab Finance: Emirati food and beverage leader Agthia Group has raised its ownership in Egypt’s healthy snacks and coffee company Abu Auf to 80% after acquiring an additional 10% stake, according to an emails press release.
“This strategic move aligns with Agthia’s ambition to drive growth in high-potential categories and build on successful partnerships,” the group said.
Agthia, which is majority-owned by Abu Dhabi’s sovereign wealth fund ADQ, initially acquired 60% of Abu Auf in 2022, followed by another 10% stake in February 2023.
The company has seen significant growth in Egypt, with Abu Auf opening more than 100 new stores over the past two years.