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Domty receives compulsory purchase offer from Expedition Investments

Domty receives compulsory purchase offer from Expedition Investments
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Domty
DOMT
-1.70% 4.62 -0.08

Cairo – Mubasher: The Financial Regulatory Authority (FRA) has announced a compulsory purchase offer submitted by Expedition Investments to acquire a 34% stake in Arabian Food Industries Company (Domty) at a total value of EGP 5 per share.

Expedition Investments will purchase up to 96.18 million shares in Domty, to own a stake of up to 90% in the capital of the Egypt-based manufacturer of cheese and dairy products, according to a press release on Sunday.

The FRA is considering the submitted compulsory purchase offer.

In April, Domty received a non-binding initial offer from Expedition Investments to acquire a stake of up to 90% in Domty.

It is noteworthy to mention that in the first quarter (Q1) of 2022, the company achieved net profits of EGP 50.37 million, against net losses of EGP 3.43 million, including minority shareholders' rights.