Egyptian snack maker Edita Food Industries emphasised its growth potential in a bid to court investors as it announced the pricing for a public offering of up to 30% of the company in a combined offering in Cairo and London.
Edita will list ordinary shares on the Egyptian Exchange with an indicative price of between EGP16.80 and EGP18.50 per share. The group is also offering global depositary receipts representing five ordinary shares to be listed on the London Stock Exchange. The price will be set according to the current exchange rate set by the Bank of Egypt, the company said.
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Edita chairman and MD Hani Berzi said that the company will now begin meeting with domestic and international investors to outline the "compelling corporate competitive advantages" and "underlying macroeconomic and market fundamentals" that have supported the group's growth.
According to the company, between 2012 and 2014 Edita has grown sales by 19.6%, EBITDA by 26.9% and net profit by 26.2%.
"The breadth and depth of our product offering, our outstanding market position in key segments,
modern ISO-certified production facilities and extensive sales and distribution network give us reason to be very optimistic about our potential to continue creating shareholder value," Berzi insisted.
"These performance trends are supported by improving spending power in the Arab world’s largest consumer market on the back of economic recovery, as well as robust demographic trends and changing lifestyles and consumer habits in Egypt and the wider MENA region which continue to boost demand for packaged snack food products."
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