Domty signs LE 100M-medium term loan contract with CIB

CAIRO – 25 September 2019: Arabian Food Industries (Domty) announced Wednesday inking a medium-term loan contract with the Commercial International Bank (CIB) to obtain a loan of up to LE 100 million with the average interest rate announced by the Central Bank.

Domty stated in a filing to the Egyptian Exchange (EGX) that the loan proceeds will be used to finance the company’s future expansion and capital expenditures for the company’s new product.

“Such financing shall be available for withdrawal within 12 months from the date of the first withdrawal or the withdrawal of the total loan, whichever comes first,” the company noted.

According to the filing, the loan shall be repaid in 20 quarterly installments, starting after a grace period of six months from the date the withdrawal period ends, with the last installment due after 75 months from the date of the first withdrawal.

Domty accomplished profits of LE 66.3 million during the first six months of 2019, compared to LE 98.13 million, including minority rights, during the same months of 2018.

Arabian Food Industries Co. operates within the food, beverage & tobacco sector focusing on packaged foods & meats.