The Clap
According to Mohamed El Damaty, CEO and Vice Chairman of Domty, the acquisition offer from Expedition to acquire 34% of Domty is an indirect way to increase the Damaty family’s stake in the company.
Background
Domty had received an offer from Expedition Investments in April for 34% of the company at EGP 5 per share.
It is worthy to mention that members of the Damaty family own minority stakes in Expedition as well as a 56% stake in Domty. The completion of this deal would see the Damaty family hold a stake bigger than 56% in Domty.
In related news
In 2022, Domty dedicated EGP 120 million to invest in new production lines. Damaty also mentioned that the devaluation of the EGP and inflation have negatively impacted the food industry in Egypt.
Damaty family wants a bigger piece of the Domty pie 🥧
