By: Ramy Sameeh
Abu Dhabi-Mubasher: Agthia Group plans to complete an acquisition before the end of 2016, said the group’s CEO Iqbal Hamzah.
“We are eyeing a number of transactions in the Gulf region in the water, juices and dairy sectors,” he added on the sidelines of a press conference in Abu Dhabi.
Agthia purchased a Dubai-based water company in October for AED 160-180 million, Hamzah said.
“We will fund all acquisitions through our available liquidity, and we will not resort to loans,” the CEO noted.
Aghtia has surplus cash of AED 500 million and an additional AED 250 million earmarked for capital expenditure in 2016, Hamzah said earlier.
He added the company was not affected by lower oil prices.
Hamzah concluded that Agthia’s production capacity of grains reached 160,000 tons per year, with expectations of an increase by 50,000 tons in 2017.
Translated by: Julian Nabil
