Free press releases distribution network?

Agency / Source: BIZ COM - PRoactive Communications

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



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

 

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

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Consumer/Shopping Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

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.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Consumer/Shopping Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: BIZ COM - PRoactive Communications

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Consumer/Shopping articles,
CATCH Visitors via Your Competitors Announcements!


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

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
|
Contact: BIZ COM 
+971 4 332-0888 info[.]bizcom.ae
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any BIZ COM - PRoactive Communications securities in any jurisdiction including any other companies listed or named in this release.

Consumer/Shopping via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From BIZ COM - PRoactive Communications / Company Profile


Read Consumer/Shopping Most Recent Related Press Releases:

Leviton Introduces Five New Architectural Edition Powered by JBL® Speakers
Samsung SmartThings and Leviton Manufacturing Co., Inc. Announce Strategic Partnership to Offer Whole House Automation through Distribution Channel
You Design, We Print - Prinfab® Launches An Online Fabric Marketplace
Method Lights Launches the Next Evolution in Picture Lights
Frost and Sullivan Lauds Plantronics for Humanizing the Technical Services Experience
Frost & Sullivan Lauds Friendly Technologies’ Customer-Focused Unified Device and Smart Home Management Solutions
Frost & Sullivan Lauds Welltok, Inc. for Revolutionizing the Population Health Management Space through its Analytics-driven, Incentive-based CaféWell
Frost & Sullivan Commends Hisense for its Strong Product Offerings and Aggressive Expansion Strategies in the Smart TV Market
Fall Protection Vendors Trust Services to Extend Revenue Streams Beyond Product Sales Finds Frost & Sullivan
Belkin Introduces Charge Dock with Integrated Charging for the Apple Watch + iPhone

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona

Visit  Triggr & Bloom







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today