20221016 adx
Ghitha Holdings acquired a stake in Al Ain Farms in March this year. Image Credit: Ahmed Ramzan/ Gulf News

Abu Dhabi: Ghitha Holdings' subsidiary Al Ain Farms, listed on the Abu Dhabi Securities Exchange (ADX), has fully acquired the assets of Arabian Farms Investments LLC for Dh240 million ($65.3 million), the company announced Thursday.

Ghitha Food Holdings, a subsidiary of Abu Dhabi’s investment giant International Holding Company (IHC), said in an ADX filing that the transaction included all of the company’s assets in the UAE and Saudi Arabia. However, the listing explained that the acquisition is subject to share purchase agreement conditions and regulatory approvals.

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The company acquired a stake in Al Ain Farms in March this year. Arabian Farms is well known for its Saha brand of poultry products. 

Ghitha Holding, a conglomerate that consolidates food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution, and catering services, reported an operating profit of Dh254 million in 2023.

Ghitha achieved a milestone revenue of Dh4.6 billion, indicating a significant growth rate of over 100% compared to 2022. The growth was attributed to the successful execution of strategic acquisitions and a comprehensive expansion across diverse categories and geographies. Earlier this year, the Group said it had recorded nine consecutive quarters of revenue growth.

Ghitha’s subsidiaries consist of Al Ajban Poultry, Alliance Food Company, Zee Stores International, Royal Horizon and Al Jaraf Fisheries.

It deals with more than 10,000 products imported from the US, Thailand, Brazil, Saudi Arabia and Oman, according to the information posted on its website.