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Agthia to start frozen baked product plant

ABU DHABI — Agthia Group, a leading Abu Dhabi-based food and beverage group has decided to set up a frozen baked product plant in the capital emirate.

To be set up at a cost of Dh 65 million the plant is expected to commence production in the later part of next year, the company said in a statement posted on the website of the Abu Dhabi Securities Exchange (ADX).

“The move will allow the company to enter the fast growing and high margin frozen baked segment,’’ the statement said. Agthia has around 1400 employees across its four fully owned subsidiaries including the Al Ain Mineral Water, a leading producer of high quality bottled water and beverages. General Holding Corporation, an Abu Dhabi Government entity, holds 51 per cent of the Company’s shares while the balance is being held by individual and institutional investors. Agthia had earlier reported net sales of Dh 232 million and a net profit of Dh 27.3 million in the first quarter of this year. 
—ramavarman@khaleejtimes.com