Ghitha Holding Set to Acquire 70% Stake in Fujairah Food Manufacturer

Mohammed Somar Ajalyaqin, Ghita Holding Chairman; and Falal Ameen, Ghita Holding CEO

Ghitha Holding, listed on the Abu Dhabi stock exchange, is acquiring a 70% stake in Fujairah's International Food Industries through its subsidiary, Zee Stores International.

The deal, valued at AED 41 million ($11.2 million), aims to expand Ghitha Holding's presence in the canned food sector.

As a subsidiary of International Holding Company (IHC), Ghitha Holding focuses on both food and non-food products.

The acquisition is still pending regulatory approvals and the fulfillment of conditions outlined in the share subscription agreement.

Source: Cleofe Maceda / Zawya