{"id":326179,"date":"2022-09-14T13:50:47","date_gmt":"2022-09-14T13:50:47","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326179"},"modified":"2022-09-15T13:56:05","modified_gmt":"2022-09-15T13:56:05","slug":"an-egyptian-gulf-consortium-acquires-89-of-domtys-shares","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/09\/14\/an-egyptian-gulf-consortium-acquires-89-of-domtys-shares\/","title":{"rendered":"An Egyptian-Gulf consortium acquires 89% of Domty\u2019s shares"},"content":{"rendered":"

Shareholders in EGX-listed Domty agreed to sell 93.0 mn shares to a consortium of investors led by Expedition Investments in a mandatory tender offer that closed yesterday, according to an EGX bulletin<\/a>.<\/p>\n

That\u2019s 97% of the 96.2 mn shares the consortium was targeting, handing it a 32.9% stake in the firm.<\/p>\n

At Expedition\u2019s revised offer price of EGP 5.50 per share, the transaction was worth some EGP 511.6 mn by our math.<\/p>\n

The total value of the acquired 32% stake will be approximately EGP 511.5m at a price of EGP 5.5 per share after the company raised the purchase offer price before the end of the OPR in five sessions after the issuance of the fair value was estimated at EGP 6.90 per share.<\/span><\/p>\n

Expedition Investments\u2019 offer aims to purchase up to 96.18 million shares at a rate of 34%, complementing 90% of the shares of Domty.<\/span><\/p>\n

Informed sources told Daily News Egypt (DNE) that Expedition Investments is a company established according to the laws of the State of Mauritius that is owned by a number of Egyptian, Saudi, and Emirati investors, and its purpose is to acquire a 34% stake in Domty \u2014 one of the largest players in the Egyptian dairy sector, which controls more than 43% of the country\u2019s cheese production market.<\/span><\/p>\n

The sources pointed out that the target 90% of the offer includes a contribution from Al-Damaty after the acquisition, which will rise to more than the current 56% by a small amount of up to 10% of Domty\u2019s capital indirectly through Expedition, while the remaining 11% of the company will be freely traded shares to ensure the company\u2019s continued listing on the stock exchange.<\/span><\/p>\n

CEO of Domty Mohamed Al-Damaty said on his Facebook page that he raised his family\u2019s stake in the company through the offer out of the company\u2019s strength and solvency and the strength of the Egyptian market, stressing that there is no intention to write off the company\u2019s listing from the Egyptian Exchange (EGX).<\/span><\/p>\n

Al-Damaty added that the company is continuing its expansion plans and achieving its goals, stressing the promising opportunities in the market despite the economic challenges.<\/span><\/p>\n

Domty achieved profits amounting to EGP 111.1m in the first half (1H) of 2022, compared to losses of EGP 32.55m in 1H 2021.<\/span><\/p>\n

The company\u2019s sales also rose to EGP 2.27bn, compared to sales of EGP 1.32bn.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The OPR screens revealed on Wednesday that about 97% of the target shares responded to an offer from Expedition on Arab Food Industries (Domty) of 93 million shares out of about 96.18 million shares in the last purchase offer sessions, which represent about 32% of the company\u2019s total capital shares.<\/p>\n","protected":false},"author":2,"featured_media":326180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[],"class_list":["post-326179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news"],"yoast_head":"\nAn Egyptian-Gulf consortium acquires 89% of Domty\u2019s shares - egy-africa<\/title>\n<meta name=\"description\" content=\"About 97% of the target shares responded to an offer from Expedition on Arab Food Industries (Domty) of 93 million shares out of about 96.18 million shares in the last purchase offer sessions, which represent about 32% of the company\u2019s total capital shares.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/09\/14\/an-egyptian-gulf-consortium-acquires-89-of-domtys-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An Egyptian-Gulf consortium acquires 89% of Domty\u2019s shares - 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