Retail Gulf investor among consortium buying 33% of Egyptian Domty By Reuters September 15, 2022, 4:49 AM Domty The consortium, which includes Expedition, Al-Damaty family and a Gulf investor, acquired a little more than 93 million shares. A consortium has acquired about 33 percent of Arabian Food Industries Co.(Domty) in a tender offer worth about EGP512 million ($26.5 million), Expedition Investments, a special purpose investment vehicle, told Reuters on Wednesday. The deal was priced at EGP5.50 per share, up from EGP5.00 at the beginning of the tender offer, after a fairness opinion by BDO valued the shares at EGP6.90. Domty’s stock closed on Wednesday at EGP5.39. The consortium, which includes Expedition Investments, the Al-Damaty family that founded Domty and a Gulf investor, acquired a little more than 93 million shares. The special purpose vehicle added that it sought the deal based on Domty’s leadership position in the food industry and its confidence in its management team, noting that Domty has no intention to delist its shares from the Egyptian Stock Exchange. Expedition added that the Al-Damaty family’s participation in the consortium showed its support for Expedition as a new shareholder in Domty. EFG Hermes acted as the financial adviser and Matouk Bassiouny and Hennawy acted as the legal adviser for the transaction. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
