Press Release

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’s Role

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.

Afridi & Angell’s Team

The Afridi & Angell team consisted of Masood Afridi (partner), Danielle Lobo (counsel), Tara Jamieson (associate) and Kanan Kasuya (associate).

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For further information please contact:
Samera Marei
Director, Business Development & Marketing
Tel: +971 4 330 3900; Mob: +971 56 179 5291
[email protected]

Note to editors:
Founded in 1975, Afridi & Angell is one of the most established firms in the United Arab Emirates. The firm provides comprehensive legal advice and innovative business solutions in banking and finance; corporate and commercial Law; dispute resolution; projects; construction and real estate; employment; energy; project finance; transport; as well as doing business in the UAE and in the DIFC. The firm’s clients range in size and sophistication from start-ups to some of the region’s largest public and private companies, governments and quasi-government institutions. Afridi & Angell is the exclusive UAE member of a number of the world’s top legal networks and associations, including Lex Mundi and World Services Group.