By Amr Adel

Dubai – Mubasher: EFG-Hermes is preparing to start promotion of the initial public offering of Egypt’s dairy producer Domty across GCC markets after Eid holidays, a well-informed source said Sunday.

The source, which is close to the offering details, added that the promotional campaign will focus on Saudi, UAE and Kuwait markets.

In late 2014, Domty hired EFG to advise on its share offering on the Egyptian Exchange.

Upon the IPO completion, Domty will be the second foodstuff firm to go public on Egypt’s bourse this year, after Edita Food Industries successfully listed on EGX late April.

The source stressed to Mubasher that the IPO will be completed by the end of the third quarter or start of the fourth quarter at most, adding that the company will start seeking regulatory approvals over the coming period.

Domty’s Chairman Amr Al Damaty said earlier the value of his company’s IPO is estimated at EGP 2 billion, which will go for boosting the company’s production capacity and expand juice segment.

Translated by Sayed Abdel Rahman