Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Agthia Group will consider issuing mandatory convertible bonds, capable of assignment to General Holding Company (Senaat), to Nutrivation Holding Limited as a price to acquire 60% of Oriongreen Limited.
The mandatory convertible bonds have a nominal value of AED 1 each, amounting to AED 393.67 million, according to a bourse filing on Sunday.
Such mandatory bonds will be convertible into 71.58 million shares with a nominal value of AED 1 each in Agthia, increasing the company's issued share capital to AED 791.58 million from AED 720 million.
If Nutrivation exercises its rights of assignment prior to the conversion taking effect, Senaat will become entitled to receive the new shares in Agthia as an assignee.
Oriongreen Limited indirectly owns 100% of Al Nabil Food Industries Limited, which is the principal operating company of the Nabil Foods Group in Jordan.
It is noteworthy to mention that in February 2021, the board of Agthia approved to acquire a majority stake in Nabil Foods, a producer of frozen and chilled processed protein products in Jordan, after obtaining some key regulatory approvals.
