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Abu Dhabi's Agthia snaps up Kuwaiti bakery chain

Business Kuwait City 27 Nov 20
Abu Dhabi's Agthia snaps up Kuwaiti bakery chain
Abu Dhabi's food giant Agthia is buying up Kuwaiti bakery chain - Al Faysal Bakery and Sweets.
Fee
Event Location
Kuwait , Kuwait
Area
Kuwait City
Start Time
27 November 2020, 12:00 AM
End Time
12 December 2020, 12:00 AM

Abu Dhabi's food giant Agthia Group snaps up kuwait bakery chain - Al Faysal Bakery and Sweets.

Alan Smith, CEO of Agthia said, “Our decision to acquire aligns with our strategy to further build our regional F&B footprint, adding significant scale to our existing operations in Kuwait and further diversifying our portfolio."

Agthia Group had announced plans to integrate Al Foah Dates - the biggest dates company in the world - into its portfolio.

"The acquisition will be accretive to Agthia’s existing platform and we expect to generate significant revenue and cost synergies,” Mr. Smith added.

In fiscal 2019, Al Faysal generated Dh92 million in sales and net income of Dh17.2 million. Al Faysal came into being in 1991 with a diverse range of savouries serving all food outlets in Kuwait.





Kuwait business events 2020Agthia buys Al Faysal Bakery kuwait



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