Cairo – Mubasher: Arabian Food Industries Co (Domty) has signed a deal with the US-based AMF Bakery Systems to supply and install new bakery production line.
The new line is expected to produce 400,000 pieces a day, Domty said in a filing to the Egyptian Exchange (EGX) on Monday.
The line will be established at a cost of $4 million, the leading Egyptian food producer added.
The remaining sum of the cash proceeds from the company’s recent offering on the EGX, as well as the retained earnings, will be used to raise capital and to finance the new production line.
The value of the anticipated line will be paid in a year, the company pointed out.
The line is set to begin operation in September 2019, Domty projected.
Domty previously posted a 366% year-on-year hike in consolidated profits for the first nine months of 2018.
Net profit stood at EGP 132.8 million in the nine-month period ended September, versus EGP 28.47 million in the year-ago period, including minority shareholders’ rights.
