Egyptian dairy maker Domty plans to list on Cairo bourse

One of Egypt's top dairy makers, Arabian Food Industries Co.(Domty), plans an initial public offering (IPO) on the Cairo bourse this year, or early in 2016, its vice CEO said.
Mohamed El Damaty said the dairy and juice company had been encouraged by Egyptian foodmaker Edita's listing of 30 percent of its shares in April, which was heavily oversubscribed.

He did not say what size Domty's IPO would be. The company has paid-in capital of 50 million Egyptian pounds ($6.6 million).

Food is seen as a fast-growing sector in the most populous Arab nation of about 90 million people and is drawing growing investor interest. As well as Edita's IPO, cheesemaker Arab Dairy drew keen foreign interest before being bought eventually in March by Egyptian financial services firm Pioneers Holding.

"The offering will be during the last quarter of this year or the first quarter of 2016. It will be through raising the company's capital and selling part of the current shareholders' shares," El Damaty told Reuters.

"The (offering) size is not determined yet. EFG-Hermes and Akanar are the offering advisors," he added.