Domty tops EGX gainers Sunday due to Expedition Investment non-binding purchase offer
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Loading... - Genevieve Allard
- 04 Apr 2022
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Share of the Arab Food Industries Company "Domty" topped the gainers of Ramadan's first trading session, Sunday, on the Egyptian Exchange (EGX), recording a hike of 14.21 percent, gaining 0.54 piasters to end trading at LE 4.50, up from LE 3.94.
Domty’s trading volume, by the end of Sunday’s session, April 3, reached 16.77 million shares, with a turnover of LE 73.37 million.
This rise was supported by the letter submitted to the Financial Regulatory Authority (FRA) by the Mauritius Expedition Investment Company regarding the latter’s intention to submit a non-binding purchase offer on the shares of the Arab Food Industries Company "Domty".
Expedition Investment is a company incorporated in accordance with the laws of the State of Mauritius in consortium with some investors.
FRA added in a filing to the (EGX), that the company’s letter includes an offer to acquire up to 90 percent of Domty’s capital shares, at an initial price of LE 5 per share.
The total value of the share required to be purchased, which amounts to 90 percent of Domty's capital shares, amounts to about LE 1.27 billion, and the total value of the company, according to the offer, is LE 1.41 billion.
According to the statement, it will be decided whether or not the final offer will be submitted in light of the results of the due diligence examination.
The Arab Food Industries Company - Domty, achieved profits of LE 72.42 million during 2021, compared to profits of LE 157.97 million in 2020, taking into account minority rights.
The company’s sales rose in 2021 to LE 3.36 billion, compared to sales of LE 2.99 billion in 2020.
As for the standalone results, the company achieved profits of LE 57.23 million during 2021, compared to profits of LE 143.48 million in the previous year. Read More...
