Stock Update (NYSE:ANFI): Amira Nature Foods Ltd Announces New Partnership for UAE Market
Amira Nature Foods Ltd (NYSE:ANFI), a leading global provider of branded packaged Indian specialty rice, announced today that it has joined hands with MAN Consumer, a wholly owned subsidiary of MAN Investments UAE, to form a strategic alliance for the distribution of Amira products in the United Arab Emirates. The agreement was formalized last week with an official signing ceremony in Dubai at Gulfood 2016, the world’s largest annual food and hospitality trade show. Amira was a gold sponsor for the event which drew approximate 85,000 attendees over a five day period.
MAN Consumer, one of the fastest growing distribution companies in the United Arab Emirates, is a wholly owned subsidiary of MAN Investments, which is a part of Mohammed Juma Al Naboodah’s private office, a major Emirati conglomerate. With a vision to be the largest FMCG distributor in the UAE and a leading player in the broader MENA region, MAN Consumer presently distributes 30+ brands in the region, spread across diverse set of segments.
Amira’s Chairman Mr. Karan A. Chanana during the press meet stated, “We are delighted to be working with MAN Consumer to strengthen our brand distribution. This marks an exciting step for Amira in the UAE. We look forward to working with the group to increase our product availability in the region, allowing more Emirates consumers to discover the Amira brand and our excellent range of quality rice.”
MAN Consumer General Manager Mr.Taranjit Singh stated, “Amira’s premium aged rice ranges intend to bring delight to consumers, like no other. With our strong distribution strengths, MAN intend to ensure Amira’s availability in every single corner of the country and make Amira a household name.” (Original Source)
Shares of Amira Nature Foods closed last Friday at $12.63, up $0.10 or 0.80%. ANFI has a 1-year high of $14.56 and a 1-year low of $2.51. The stock’s 50-day moving average is $10.05 and its 200-day moving average is $7.29.
Amira Nature Foods Ltd is engaged in processing, distributing and marketing packaged Indian specialty rice, Basmati rice. It also sells non-basmati rice and provide ready-to-eat snacks and edible oils.