Cairo – Mubasher: The Egyptian Exchange (EGX) announced that the compulsory purchase offer submitted by Expedition Investments to acquire 93.01 million of Arabian Food Industries Company’s (Domty) issued shares was completed on 21 September 2022.
Expedition Investments purchased the said number of shares at a total value of EGP 511.58 million, according to a stock exchange statement on Wednesday.
In July 2022, the Financial Regulatory Authority (FRA) announced a compulsory purchase offer submitted by Expedition Investments to acquire a 34% stake in the Egypt-based manufacturer of cheese and dairy products at a total value of EGP 5 per share.
In April, Domty received a non-binding initial offer from Expedition Investments to acquire up to 90% of it.
It is noteworthy to mention that in the first half (H1) of 2022, Domty reported net profits of EGP 111.10 million, against net losses of EGP 32.55 million in H1-21.