Arabian Food Industries (Domty) has announced that an offer has been submitted for 90% of the Egypt-based food business by Expedition Investments for EGP5 ($0.26) per share.
According to Daily News Egypt, Expedition Investments is a company created to acquire Domty owned by investors in Egypt, Saudi Arabia, and the United Arab Emirates.
According to sources, Egypt’s Financial Regulatory Authority is studying the submitted offered and the decision will be announced wit the next few days.
In 2022’s first quarter, Domty’s reported revenue of EGP 1.12bn ($59.4 million), compared to EGP 1.09bn ($57.7 million) in 2021. EBITDA rose 14% to EGP 123 million ($65.1 million) 3but net income declined 4% to EGP 50.3 million ($2.6 million). Mohamed Al-Damaty, vice Chairperson and managing director of Domty commented that the improvement in the margin ratio came as a result of changing the selling policy.
The deal is expected to close in August 2022.
Source: Daily News Egypt