Agthia completes Turk acquisition

Agthia Group, one of the leading food and beverage companies in the UAE listed on the Abu Dhabi Securities Exchange (ADX), announced the completion of its 100 per cent share acquisition of Pelit Su, the Turkey-based Spring Water Company.

The acquisition was first announced in December 2011, and since then Agthia has taken management control of the business.

The company is situated in the southern Turkish province of Adana with motorway access to the port of Mersin in South West Turkey that provides excellent transportation links. The source of the spring water originates from the renowned Taurus Mountains.

Commenting on the acquisition, Rashed Mubarak Al Hajeri, Chairman of Agthia Group, said: “Agthia’s acquisition of Pelit Su is in line with our geographic expansion strategy. The acquisition marks Agthia Group’s second international expansion following our investment in Egypt. It reinforces our mission to deliver superior value to our stakeholders and our wholehearted commitment to produce food and drink that help families grow strong and lead lives full of vitality.”

Agthia Group CEO Ilias Assimakopoulos said: “The acquisition of Pelit Su will expand Agthia’s bottled water business footprint beyond the UAE, with direct access to a natural spring water source. This will provide access to high quality spring water facilitating Agthia’s growth into higher margin premium spring bottled water, targeting not only Turkey but other regions as well.”

Follow Emirates 24|7 on Google News.