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Reading: 15% of Domty’s shareholders respond to Expedition’s offer
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Dailynewsegypt > Blog > Business > 15% of Domty’s shareholders respond to Expedition’s offer
Business

15% of Domty’s shareholders respond to Expedition’s offer

Fatma Salah
Last updated: 2022/09/05 at 2:58 AM
By Fatma Salah 2 Min Read
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15% of Domty’s shareholders respond to Expedition’s offer
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The OPR screens revealed the responses of the shareholders of 43.46 million shares of Arab Food Industries (Domty) to a compulsory purchase offer submitted by Expedition Investments.

This number of shares represents 15.3% of the total shares of the company’s capital and 45% of the shares targeted at the conclusion of Sunday’s trading session.

Expedition Investments’ offer aims to purchase up to 96.18 million shares at 34% and complement 90% of the shares of Domty.

The validity period of the offer extends for twenty working days, starting from the trading session of 18 August until the end of the trading session of 14 September, provided that the implementation will take place on the Egyptian Exchange (EGX) within five working days after the expiry of the offer period.

Previously, the Financial Regulatory Authority (FRA) agreed to publish the announcement of the mandatory purchase offer submitted by Expedition Investments to purchase up to 96.18 million shares of Domty.

The offeror is obligated to purchase all the shares offered for sale in response to the offer of purchase, bearing in mind that if the shares offered for sale exceed the number of shares required to be purchased, the offeror will purchase from all the owners of shares who responded to the offer in proportion to the total of what has been offered to the total number of shares required to be purchased with the reparation of the fractions in favour of the selling shareholders.

Domty achieved profits of EGP 111.1m in the first half (1H) of 2022, compared to losses amounting to EGP 32.55m in 1H 2021.

The company’s sales also rose to EGP 2.27bn, compared to sales of EGP 1.32bn.

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