Al Bayan Group has sold 100 per cent of its equity stake in three water businesses in UAE and Oman to Agthia Group, one of UAE’s leading food and beverage companies, a report said.

Al Bayan Group of Companies is a diversified business group in the UAE with interests across healthcare, food and beverages retail, and engineering industries.

Al Bayan Purification and Potable Water, UAE; Shaklan Plastic Manufacturing Co, UAE; and Al Manal Purification & Bottling of Mineral Water, Oman, were the units sold by Al Bayan Group, added the Oman Daily Observer report.

Alpen Capital, Dubai, acted as the sole financial adviser to Al Bayan Group, said the report.

Chairman and managing director of Al Bayan Group A K Mansoor, said that the group has grown strong in the last few years and has diversified business interests.

He added that the move to sell their water business across UAE and Oman, is an integral part of our business strategy as it will help focus our efforts towards growing our retail and hospitality businesses.

He also said that the company is pleased that their water business will thrive under the ownership of the Agthia Group.

Iqbal Hamzah, group CEO, Agthia Group, said that as a major player in the five gallon bottled water segment in the UAE, Al Bayan is an excellent strategic fit for Agthia, further consolidating our leading position in the UAE water market.

He noted that Al Bayan’s manufacturing capabilities in the Northern Emirates and Oman with an established brand and sales and distribution infrastructure, coupled with Agthia’s manufacturing expertise, sales and marketing knowledge, will help unlock the growth potential of the combined business.