Arabian Food Industries Company Domty announced Thursday the indicative price range for an offering of up to 122.5m of existing ordinary shares, representing 49% of the Company’s outstanding share capitalised in the Egyptian Exchange (EGX).
The indicative price range for the Offering Price has been set at EGP 8.8 and EGP 9.2 per share and the final one may be revised upward or downward from this indicative range.
“We look forward to meeting with domestic and international investors to discuss the compelling corporate and market fundamentals,” Domty Chairman and Managing Director Omar El Damaty said. “We will also be discussing with them our plans to penetrate both new market categories in Egypt as well as high-growth African markets subsequent to an EGP 300m capital injection by selling.”
Domty began commercial operations in 1990 and today it manufactures, markets, and distributes a range of branded white and processed cheeses and juice products. Its portfolio of brands includes the flagship Domty brand as well as Gebnety and Damo brands, which target new consumer brackets, and Bravo juice that targets export markets.
It became a player in the top five in the highly fragmented and competitive juice segment in less than two years of entering the sector in October 2013. It presently has plans to penetrate the unprocessed hard packaged cheese segment. Domty also intends to use its juice sales unit as a platform for expansion into snack food categories that rely on similar sales channels.