The Group’s second investment in the snack food market after the acquisition of “Al Foah Dates”

Agthia board of directors agrees to proceed with the acquisition of BMB

Agthia Group, operating in the food and beverage sector, announced the approval of its Board of Directors to proceed with the strategic acquisition of a 100% stake in BMB Group, which operates in the field of healthy snacks and innovative foods in the Gulf Cooperation Council countries.

In a statement, it stated that BMB, which was launched in 2007, owns a large group of sweets and healthy food brands, and distributes more than 2,000 sub-products in 23 countries, including the UAE, Saudi Arabia, and the United States.

According to the statement, it is expected that the value of the deal will be paid in full in cash, so that its results will be immediately reflected in the company's profits, and the completion of the acquisition will be subject to obtaining the necessary approvals from the regulatory authorities and completing all required regulatory documents.

He explained that the acquisition of BMB will reflect Agthia's commitment to expand in the healthy food categories, and will allow it to benefit from BMB's capabilities to consolidate its presence in the snacks and healthy foods market. The deal also represents an extension of Agthia's expansion in this market. After its acquisition of «Al Foah Dates Company».

“Earlier this year, we announced the group’s strategy, and we affirmed our commitment to investing in the fastest growing and most profitable sectors in the food and beverage field,” said Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, noting that the acquisition of BMB »» are in line with this commitment.

He expected the transaction to contribute to accelerating the group's business in the snack food market, while adding new brands and strong capabilities to its portfolio, indicating that an immediate added value would be provided to Agthia's shareholders through this acquisition.

In turn, the CEO of Agthia Group, Alan Smith, said that this acquisition will allow Agthia to expand its presence and operations in the snack food market, diversifying its product range, expanding its geographical reach, and providing rapid access to new markets and sources of revenue.

In the same context, the co-CEOs of BMB Group, Bilal Ballout and Muhammad Khashab, said: “As a company that originated and grew in the UAE, we are very proud of this partnership with (Agthia) in the next stage of our growth journey, and we seek to provide a service Better for customers by increasing our innovative products, expanding our business areas in the health food sector, and continuing to develop into a truly global food group.”

BMB Group

During the past 12 months, ending on June 30, 2021, the BMB Group achieved total revenues of approximately 268 million dirhams, and profits before interest, taxes and amortization of about 54 million dirhams.

EBITDA margins are expected to grow to 20% this year.

The group is headquartered in Dubai, has two factories in the city, and employs about 1,000 employees.

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