The Clap Agthia is looking to acquire Obour Land (OLFI), following the ongoing acquisition of Abu Auf.
The Deets Agthia is looking to submit an offer within the coming period to acquire a majority stake in Obour Land. They will look to submit the offer once the Abu Auf acquisition is complete.
There is no official offer submitted by Agthia. In addition to that, Obour Land has not yet been officially approached by Agthia. The official price and stake are still unclear, however, Agthia looks to make an offer no less than EGP 6 per share.
Why does this matter? Since the news, Obour Land stock has gone up by around 6.5%. While the official price of the acquisition also remains unclear, more details should be announced in the near future.
Who is Agthia? Agthia is one of the largest companies in the food industry in UAE. It is a subsidiary of ADQ. They have ownership in 12 companies spread across the UAE, KSA, Egypt, Kuwait and Jordan.