Egyptian Dairy Domty to Decide on Floating 30% in IPO October-End

Arabian Food Industries Co (Domty), one of Egypt’s top dairies Chairman Omar el-Damaty asserted that his company will eventually decide to float 30 per cent of the company’s shares in initial public offering(IPO) by the end of the current month.

In statements to Amwal Al Ghad on Monday  el-Damaty told that the main purpose from listing in Egypt’s bourse is to increase the company’s capital and to provide new financial tools to complete the expansion plans of the company by the next period, noting that the Domty’s investments estimated at EGP400 million until the end of the current year.

Domty is seeking to record EGP1 billion sales in this year with 20% growth rates in compared to the last year, the firm has a market share of 32 per cent , produces 80,000 tons of cheese a year and exports to Jordan, Lebanon, and Libya.