Domty prices shares at up to $1.45 in planned float-source
Updated 3/3/2016 1:20:11 PM
Cairo: Egyptian dairy firm Arabian Food Industries Co (Domty) (DOMT) has set a maximum price of 11.38 Egyptian pounds per share for its planned flotation on the Egyptian bourse, set to begin on Sunday, a market source told Reuters on Wednesday.
At that price, the company would raise up to 1.4 billion Egyptian pounds ($179 million) in the planned sale of a 49 percent stake, and the 88.5 percent family holding of Chairman and Managing Director Omar El Damaty would be worth some 2.5 billion.
Domty's move is the latest in a flurry of flotations, mergers and rights issues on the Cairo exchange since late last 2014. Food is seen as a fast-growing sector in the Arab nation of about 90 million people and is drawing growing investor interest.
Domty, founded in 1985, will offer 122.5 million shares, 110.25 million of which will be sold in a private offering along with 12.25 million shares being offered publicly.
The offering will conclude on March 17 and trading of the company's shares on the bourse will begin the following week, the market source said.
The company has two factories in the 6th October district near Cairo and plans to start producing yoghurt and cartoned milk, alongside its cheeses and juice.
Source: Reuters
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