Expedition Investments submits compulsory purchase offer to acquire Domty shares

CAIRO - 3 July 2022: The Financial Regulatory Authority (FRA) received an offer for a compulsory purchase of shares of Arab Food Industries Company- Domty from Expedition Investments and was considering the offer.

 

The FRA announced that the Expedition Investments, which represents members of a consortium of investors, submitted the draft of the compulsory purchase offer to the authority to acquire the shares of the capital of the Arab Food Industries Company - Domty.

 

It indicated, in a statement, Sunday, that the purchase offer includes the acquisition of up to 96.18 million shares, representing 34 percent of the shares of Domty’s capital, complementing 90 percent of the capital shares of the target company in the offer, at a cash price of LE 5 per share.

 

The authority added that it is studying the submitted offer.

 

The Arab food industries - Domty, achieved profits of LE 50.37 million during the period from January to March 2022, compared to losses amounting to LE 3.43 million in the comparative period of 2021, taking into account minority rights.

 

The company's sales rose during the first quarter of 2022 to LE 1.12 billion, compared to sales of LE 647.08 million in the comparable quarter of 2021.

 

As per standalone results during the first quarter of this year, the company turned to profitability to achieve LE 50.17 million at the end of March, compared to losses of LE 4.9 million during the same period in 2021.