Domty seals a deal to export to Moscow

Domty seals a deal to export to Moscow

Thursday 17 March 2016 02:35 PM

Domty

Domty


By Ahmed Aly:
The Arabian Food Industries Co. (Domty) has signed a contract worth USD 4mn a year with a Russian firm to export its products to the Russian market, according to the chairman of Domty Omar Al Damaty.
He told Al Mal newspaper that his company is involved in negotiations with another Russian firm to sign export deal worth USD 8mn annually, adding negotiations will likely end in a few days.
Al Damaty said that his company will pump EGP 300mn from the proceeds of offering 49% of Domty’s shares, amounting to EGP 1.127bn, in the stock market to boost capital.
The company plans to use the proceeds of floatation to build a plant for dairy products and juice in 6th of October City and strengthen its fleet, he added.
The chairman pointed out that the dairy products maker is conducting negotiations with a foreign company operating in the African continent to found a firm specializing  in exporting to Africa, particularly to Sudan, Ethiopia and Nigeria, adding Domty plans to pump investments worth EGP 70mn, representing its share in the company that would be created.
Domty is capitalized at EGP 50mn spread over 250 million shares with nominal value of EGP 0.20.

Leave a Reply