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Foodco’s 50% Share Offer for Subsidiary Raises More than US$10.62 Million from Current Shareholders - Sense Gourmet offer oversubscribed by more than 239%.
Foodco’s 50% Share Offer for Subsidiary Raises More than US$10.62 Million from Current Shareholders

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2006/01/27 - Sense Gourmet offer oversubscribed by more than 239%..

   
 
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The Abu Dhabi National Foodstuff Company (Foodco) collected more than US$ 10.62 million instead of the required US$ 4.5 million following an overwhelming response from its existing shareholders to a 50% share offer for its subsidiary Sense Gourmet, a private joint stock company.

Existing shareholders of Foodco oversubscribed the company’s offer by more than 239% within a week of the announcement.

Foodco had offered 16.5 million common stocks on a par value of AED 1 per share. Sense Gourmet was set up in October 2005 with a capital of AED 33 million. The shares are expected to be listed on the Abu Dhabi Securities Market (ADSM) in the fourth year of the company’s operations.

“Our shareholders have once again proved that they have enormous faith in the company. With the subscribed amount, the total capital of Sense Gourmet now stands at AED 56 million including Foodco’s share of AED16.5 million,” said Foodco’s Managing Director and Member of the Board of Directors, Mr. Ahmed bin Ali Khalfan Al Dhahery.

Sense Gourmet was set up as a subsidiary of Foodco to expand into catering, restaurant franchise and other retail operations in the hospitality sector. The company was formed with a specific purpose of establishing high-potential restaurants across GCC countries in partnership with renowned restaurant operators as well as catering services.

“The shareholder response gives us the necessary impetus to go ahead and implement our well-laid out strategies for Sense Gourmet. We have great plans for our subsidiary and we are sure the company will make its mark in the industry,” added Mr. Al Dhahery.

Over an expected investment horizon of five years, shareholders will get yield in the region of nearly 37%, remarked Mr. Al Dhahery.

The company will also deploy its capital in potentially high yield investment opportunities, especially in restaurants business. Currently the focus is on the GCC countries, the neighbouring MENA region and South Asia.

“Sense Gourmet is projected to generate more than 36% additional turnover annually for Foodco. The already vigorous bottom line of Foodco will get a further stimulus with Sense Gourmet. But more importantly, we are sure Sense Gourmet will ensure better returns for our shareholders besides bringing further enhancement to our profitability,” remarked Mr. Al Dhahery of Foodco.

Foodco, the parent company, is already in the process of setting up a AED200 million industrial zone for foodstuffs in Abu Dhabi which could be achieved on the same basis as sense gourmet namely, 50% current shareholder and 50% Foodco.

Foodco is a public shareholding entity that operates under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE. The company is head quartered in Abu Dhabi with branches in Dubai and Al Ain.

Prominent among Foodco's portfolio of brands include Virginia, Mubarak Basmati Rice, Hafeet Spring Water, Quick Tea, F Tissues, Al Safwa Powder Milk, Danchi Chicken, Master Food range of food products, and Wrap 'N' Roll Aluminium Foil.

The company retains a large portfolio of high profile brands including household names such as Virginia, Shehrazade, Mubarak Basmati Rice, Hafeet Spring Water, Quick Tea, Karkade Cordial Drink, F Tissues, Al Safwa Powder Milk, Danchi Chicken, Master Food and Master Chef range of food products. Foodco also has sole agency rights of major international brands such as Pasta Zara, Orlando Vine Leaves, Languiru Frozen Chicken, Golden Frozen Chicken From Frangasul-Doux, Jelly Joy Juice and Pak Dairy.

In addition to dealing in a wide range of premium brands, export and distribution of essential commodities like rice, sugar, salt and cooking oil are placed on top of Foodco's portfolio of services. The company is also a volume supplier of frozen poultry, meat and vegetables to Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, Yemen, Iran and Egypt.

The FMCG company recently made a foray into associated businesses like packaging and providing a range of solutions to the foodstuff industry.

Foodco is a public shareholding entity that operates under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE. The company is head quartered in Abu Dhabi with branches in Dubai and Al Ain.

 
 
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Written by / Agency / Source: BIZ COM - PRoactive Communications

 
 

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Foodco’s 50% Share Offer for Subsidiary Raises More than US$10.62 Million from Current Shareholders

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