International Dairy Investment Company has purchased 69.55 million shares of Arabian Food Industries, giving it a 24.61% ownership stake.
Arabian Food Industries – known by the name of its flagship brand Domty – manufactures a range of branded white and processed cheeses and juice products in Egypt.
The transaction, valued at EGP 445.84 million (approx. $14.39 million), was carried out at an average price of EGP 6.41 per share.
This acquisition involved the complete sale of shares held by the El-Damaty family in Domty to the International Dairy Investment Company.
The transaction was brokered by Egyptian investment company EFG Holding last week.
In 2021, FrieslandCampina and the Arabian Food Industries Company agreed to form a new joint venture to export cheese to Africa and the Middle East, with FrieslandCampina and Domty holding 51% and 49% stakes, respectively, in the new JV.
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