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Expedition Investment intends to submit an offer to acquire up to 90% of Domty’s shares

Cairo – Mubasher: The Financial Supervisory Authority said that Expedition Investment, a company incorporated in accordance with the laws of the State of Mauritius in alliance with some investors, submitted today a letter regarding its intention to submit a non-binding purchase offer on the shares of the Arab Food Industries Company “Domty”.

The statement of the Financial Supervisory Authority, to the Egyptian Stock Exchange, stated that the company’s letter includes an offer to acquire up to 90% of Domty’s capital shares, at an initial price of 5 pounds per share.

According to Mubasher Information’s calculations, the total value of the share required to be purchased, which amounts to 90% of Domty’s capital shares, amounts to about 1.27 billion pounds, and the total value of the company, according to the offer, is 1.41 billion pounds.

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 72.42 million pounds during 2021, compared to profits of 157.97 million pounds in 2020, taking into account minority rights.

The company’s sales rose in 2021 to 3.36 billion pounds, compared to sales of 2.99 billion pounds in 2020.

On the level of independent businesses, the company achieved profits of 57.23 million pounds during 2021, compared to profits of 143.48 million pounds in the previous year.

The issued and paid-up capital is about 56.5 million pounds, distributed over 282.6 million shares, with a nominal value of 20 piasters per share.

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