Cairo – Mubasher: Arabian Food Industries (Domty) have received the Egyptian Financial Supervisory Authority's (EFSA) approval to convert an equity share into global depositary receipts (GDRs), according to a bourse filing.
In June, the extraordinary general meeting gave the green light to converting 33% of shareholders’ equity into GDRs, which amounts to EGP 56.53 million divided into 282.6 million shares.
Earlier, Domty offered a total of 110.25 million shares in a private placement to institutions and 12.25 million shares in an initial public offering, totaling 49% of its capital.
With a cut-off price at EGP 9.20 a share, both private and public placements were covered by 5.5 times and 10.72 times respectively.
In the second quarter, Domty’s consolidated results revealed that net profits declined 47.6% year-over-year to EGP 20.7 million ($2.3 million) from EGP 39.5 million ($4.5 million).
