The Financial Supervisory Authority in Egypt has approved the compulsory purchase offer submitted by the Expedition Investments consortium to acquire a 34% stake, or up to 96.1 million shares, of the shares of the Arab Food Industries Company (Domty), at a price of 5 pounds per share in a deal that may amount to about 480 one million pound.
The deal, if completed, is part of the Expedition Investments consortium's efforts to reach 90% of Domty's shares, CNBC Arabia reported.
Last April, Domty announced that it had received an initial non-binding offer from Expedition Investments to acquire a majority of up to 90% of the company's total shares.
The company said that the offer is presented by Expedition Investments, which is established in accordance with the laws of the State of Mauritius, in alliance with some investors, including Omar Mohamed Abdel Hamid Al-Damaty, Chairman of the Board of Directors of Domty Company, and Mohamed Omar Mohamed Abdel Hamid Al-Damaty, Managing Director of Domty Company.
