Egyptian Dairy Domty Aims to Float 30% of Company within 2 Yrs

Arabian Food Industries Co (Domty), one of Egypt’s top dairies, plans to float 30 percent of the company in an initial public offering within two years, Chairman Omar el-Damaty has told reporters.

The firm, which has a market share of 32 percent, produces 80 thousand tons of cheese a year and exports to Jordan, Lebanon and Libya.

Domty started a line of juices three months ago, which will help increase sales to one billion Egyptian pounds ($142.86 million) this year from 850 million in 2013, Damaty said.

The firm plans to increase its production lines in Egypt to 16 from four by the end of the year.

Source: Reuters