(MENAFN- Gulf Times) Qatar's Hassad Food has acquired a "significant minority" equity interest in A'Saffa Foods, which is the largest integrated poultry project in Oman.
The transaction, which was announced and concluded in Muscat yesterday was signed by Hassad Food chairman Nasser al-Hajri and Arab Authority For Agricultural Investment & Development chairman Mohamed bin Obaid al- Mazrouei.
A'Saffa Foods (formerly A'Saffa Poultry Farms) was established in 2001 and is the largest integrated poultry project in Oman spread over a 40sq km farm area in Thumrit, Oman. The state-of-the-art facility produces high quality fresh and frozen poultry meat products and its 100% owned subsidiary produces value added processed meat products.
Al-Hajri said, "We are very excited about this acquisition, which is a strong testament that Hassad Food is on the right track towards achieving its vision in becoming a leading global provider of high quality food products."
"Hassad's mission is to invest in efficient, profitable, growth-oriented global brands, contributing to the welfare of Qatar and the region by providing high quality products while using the latest technology in harmony with the environment and adhering to the highest standards of corporate social responsibility. I am confident that this partnership is in line with what we are trying to achieve in supporting the economic development and integration with the GCC market."
A'Saffa chickens are fed with 100% natural feed, produced in a highly equipped feed mill and halal slaughtered.
The company plans to expand its existing poultry operations and diversify into other parts of the value chain that complements its business over the next three to five years.
Saleh Mohamed al-Shanfari, chairman, A'Saffa Foods said, "We are very happy with the deal. A'Saffa Foods has managed to establish its presence regionally and now it has become amongst the top respected food companies in the GCC; to have a strong partner on board like Hassad Food of Qatar, I am confident that the company will further progress its way to an even stronger presence globally which will impact positively on our shareholders of the Company."
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