Egypt’s Arabian Food Industries has confirmed the Expedition Investments consortium has acquired 33% of the dairy and bakery products producer.
Otherwise known as Domty, the Egypt- and London-listed firm said the deal, first announced as a preliminary bid in April, was completed last week at EGP5 a share, translating to around EGP512m (US$26.3m) in value.
Domty’s Al-Damaty family owners still hold a majority of the shares in the company, a spokesperson for the business clarified to Just Food, adding the controlling shareholders also now own an undisclosed stake in Expedition Investments.
Expedition Investments is a special purpose acquisition vehicle. Daily News Egypt previously reported, referring to unnamed “informed” sources, that Expedition Investments is owned by investors in Egypt, Saudi Arabia and the United Arab Emirates.
Domty is a branded food company marketing the Damo, Gebnety and Bravo lines, as well as its namesake range, sold into retail.
Set up in 1988, the company reported its second-quarter results in August. Sales climbed 71.8% to EGP1.15bn. Dairy accounted for EGP835m, bakery products EGP189.6m and juices EGP125.9m.
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The company posted an operating profit of EGP102.3m, compared to an EGP6.2m loss a year earlier. Net profit improved to EGP60.7m, from an EGP29.1m loss.