Alabbar and IHC show interest in debt-hit IFFCO

Emaar founder Mohamed Alabbar and Abu Dhabi-listed International Holding Company (IHC) are reportedly among several bidders showing preliminary interest in acquiring Dubai-based IFFCO Group or some of its assets.

The assets could be worth several billion dollars, Bloomberg reported, quoting unidentified sources.

Buyers interested in IFFCO’s assets have not made formal offers, and any decisions will likely come only after courts rule on the company’s future, the report said.

IHC is part of a business conglomerate led by its chair, Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national-security adviser and brother of President Sheikh Mohammed bin Zayed Al Nahyan.

IFFCO Group is one of the UAE’s largest privately held food conglomerates and is behind brands such as London Dairy ice cream and Tiffany biscuits. It has nearly $2 billion in debt, with creditors including Emirates NBD and HSBC.

A creditor group recently filed insolvency petitions in the Isle of Man and Singapore after restructuring talks failed.

Alabbar has sent letters to IFFCO’s board and the banks involved, communicating interest in buying the entire business, Bloomberg reported.

In September, the consumer goods company hired Alvarez & Marsal as its restructuring adviser.

Founded in 1975, IFFCO was established by the India-based Allana Group. It operates in 50 countries and has a portfolio of 80 brands.

Further reading:

• Dubai’s IFFCO replaces adviser for $2bn debt restructuring
• Dubai food group IFFCO looks to restructure debt
• Alabbar to convert Italian castle into luxury resort