DUBAI – Sunday, 6 May 2018 – Afridi & Angell recently advised Al Kabeer Group, one of the leading frozen food players in the GCC with operations across the Kingdom of Saudi Arabia, United Arab Emirates, Sultanate of Oman and Kingdom of Bahrain, on the AED600 million sale of 51% of its shares to Savola Group, a Saudi publicly listed joint stock company. Savola Group was represented by Linklaters.
Afridi & Angell carried out a pre signing restructuring in order to improve Al Kabeer’s control of the group. This involved working with local counsel in the jurisdictions in which the group operates in order to devise the most suitable ownership structure for each group entity taking into consideration numerous factors including foreign ownership restrictions. With respect to the UAE pre signing restructuring, Afridi & Angell was involved in drafting and overseeing the implementation of the documentation needed to establish UAE entities and to restructure 13 existing entities.
Afridi & Angell also negotiated and finalised the transaction documents including the Share Purchase Agreement (SPA), Disclosure Letter, Shareholders’ Agreement and Services Agreements.
The SPA was signed on 6 May 2018. Post signing, Afridi & Angell will be involved in a further restructuring of the group in order to achieve the target structure which has been agreed upon between the parties. This will involve the restructuring of the UAE entities. Afridi and Angell will also coordinate the restructuring of the other GCC entities with assistance from local counsel in the various jurisdictions.
The Afridi & Angell team consisted of Masood Afridi (partner), Danielle Lobo (counsel), Tara Jamieson (associate) and Kanan Kasuya (associate).