Agthia acquires water business in Saudi Arabia
Agthia Group has completed its acquisition of the water business of Delta Marketing Company, giving it ownership of production in Saudi Arabia of the bottled-water brand, Al Ain Water
UAE-headquartered food and beverage company, Agthia Group has announced that it has wrapped up its acquisition of the water business of Delta Marketing Company.
Agthia had signed, in November 2016, a share purchase agreement to acquire 100% of the stakes in the water business in Saudi Arabia.
With the new acquisition, Agthia now owns production of the bottled-water brand, Al Ain Water, in the kingdom.
According to the company, it is pursuing a five-year strategy aimed at becoming one of the Middle East’s leading food and beverage companies. The cornerstone of this strategy is expanding the group’s water business.
Last year, Agthia entered into a joint venture in Kuwait to establish a water-bottling plant, which is expected to be completed later this year. Agthia also owns two other water brands: Al Bayan, a player in the 5-gallon bulk water segment in the UAE and Oman; and Alpin, natural mineral water produced in Turkey.
Commenting on the acquisition, HE Eng Dhafer Ayed Al Ahbabi, chairman of Agthia, said: “Taking ownership of Al Ain Water’s production in Saudi Arabia, the GCC’s largest consumer market, represents a significant milestone in Agthia’s regional growth.
“The acquisition provides Agthia with the facilities, network, and talent to grow the Al Ain brand in the Saudi Arabian market. Over the coming years, Agthia plans to expand its operations in Saudi Arabia, leveraging its operational and industry expertise to develop a thriving water business as part of its commitment to deliver sustainable growth for its shareholders.”