Abu Dhabi – Mubasher: The board of Agthia Group, part of ADQ, has approved to enter into an agreement with General Holding Corporation (Senaat) for the majority of Al Foah Company’s business to be transferred to Agthia.
Senaat, a part of ADQ and the sole shareholder of Al Foah, has offered Agthia to receive the entire share capital of Al Foah, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
In exchange, Agthia will issue an instrument convertible into 120 million of its ordinary shares to Senaat.
Following the conversion, Senaat would raise its ownership in Agthia to 59.17% of the entire issued share capital of Agthia from 51%.
The board has called for a convention of ordinary general meeting (OGM) following the approval from the Securities and Commodities Authority (SCA) to recommend to the meeting to accept the transaction.
