{"id":545558,"date":"2022-04-04T04:02:22","date_gmt":"2022-04-04T04:02:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/04\/offshore-group-including-company-execs-make-a-play-for-domty\/"},"modified":"2022-04-04T04:02:22","modified_gmt":"2022-04-04T04:02:22","slug":"offshore-group-including-company-execs-make-a-play-for-domty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/04\/offshore-group-including-company-execs-make-a-play-for-domty\/","title":{"rendered":"Offshore group including company execs make a play for Domty"},"content":{"rendered":"

<\/a> Domty up for grabs:<\/strong> A group led by Expedition Investments has submitted a non-binding offer for a majority stake in cheese maker Domty<\/a>, the company announced in a statem<\/a>ent (pdf)<\/a> to the EGX. The group is looking to acquire up to 90% of the food producer at EGP 5.00 per share, according to a statement<\/a> by the FRA to the bourse. The transaction could be valued at nearly EGP 1.3 bn if it goes through, based on our math.<\/p>\n

Domty\u2019s shares soared 14.2% <\/strong>on the back of the offer to close at EGP 4.50 apiece yesterday.<\/p>\n

So who\u2019s mounting the bid? <\/strong>Investors from Egypt and the Gulf, according to a source close to the transaction. Execs who are members of the Domty\u2019s founding family, including Omar El Damaty (the company\u2019s current chairman and MD) and Mohamed El Damaty (vice-chairman) are also on board and hold minority stakes in Expedition. The company is domiciled in Mauritius and counts veteran investment banker Mohamed El Akhdar as a board member. It was established on 21 March, according to the Mauritius company register.<\/p>\n

Expedition wants to do the due diligence process<\/strong> on Domty \u201cas soon as possible,\u201d a company statement<\/a> said, with a mandatory tender offer contingent on the outcome of due diligence and regulatory approvals.<\/p>\n

Domty isn\u2019t being expatriated<\/strong>, our source tells us. Though Expedition is an offshore special purpose vehicle, this transaction is about private equity changing hands, not a relocation for the Egyptian firm. Mauritius is a common jurisdiction for takeover vehicles that have raised foreign capital as well as for funds raised by private equity firms.<\/p>\n

Matouk Bassiouny & Hennawy <\/strong>is advising Expedition, according to the statement..<\/p>\n

Expedition will have more to say about the <\/strong>transaction in the coming weeks<\/strong>, our sources tell us.<\/p>\n","protected":false},"excerpt":{"rendered":"

Domty up for grabs: A group led by Expedition Investments has submitted a non-binding offer for a majority stake in cheese maker Domty, the company announced in a statement (pdf) to the EGX. The group is looking to acquire up to 90% of the food producer at EGP 5.00 per share, according to a statement […]<\/p>\n","protected":false},"author":1,"featured_media":545559,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[1598,72,7128,131,1599],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-domty","tag-enterpriseam","tag-ma-watch","tag-manufacturing","tag-mohamed-el-akhdar","wpautop","entry"],"acf":{"mongo_id":"fc74a7bd-ece1-4bee-92bd-90e386c331eb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/106.jpg","photo_position":"above","related_issue":[545554],"teaser":"","voice_url":""},"yoast_head":"\nOffshore group including company execs make a play for Domty - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/04\/offshore-group-including-company-execs-make-a-play-for-domty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offshore group including company execs make a play for Domty\" \/>\n<meta property=\"og:description\" content=\"Domty up for grabs: A group led by Expedition Investments has submitted a non-binding offer for a majority stake in cheese maker Domty, the company announced in a statement (pdf) to the EGX. 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That\u2019s 97% of the 96.2 mn shares the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548669,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/expedition-investments-bid-for-domty-gets-fra-approval\/","url_meta":{"origin":545558,"position":1},"title":"Expedition Investments\u2019 bid for Domty gets FRA approval","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has greenlit Expedition Investments\u2019 bid to acquire a 34% stake in cheesemaker Domty, the regulator said in a disclosure (pdf) yesterday. A consortium led by Expedition has offered to purchase up to 96.2 mn shares for EGP 5 a piece in a mandatory tender offer,\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition\/","url_meta":{"origin":545558,"position":2},"title":"Domty shareholders have four weeks to sell stakes to Expedition","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"Subscription for Expedition Investment\u2019s bid for a chunk of Domty kicks off today. Shareholders in cheesemaker Domty have until Wednesday, 14 September to sell their shares to Expedition Investments, as part of its mandatory tender offer (MTO) for 34% of the company, according to the timeline set by the EGX\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/315.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549603,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/expedition-investments-consortium-completes-domty-acquisition\/","url_meta":{"origin":545558,"position":3},"title":"Expedition Investments consortium completes Domty acquisition","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"Domty acquisition finalized: A consortium of investors led by Expedition Investments received a 32.9% stake (93.0 mn shares) for EGP 511.6 mn, according to a notice on the EGX yesterday. Their mandatory tender offer for up to 34% of the cheesemaker closed last week.CFC Group project gets cabinet approval: Cabinet\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549272,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/","url_meta":{"origin":545558,"position":4},"title":"Expedition Investments ups by 10% what it\u2019s willing to pay for Domty","author":"enterpriseam admin","date":"11 September 2022","format":false,"excerpt":"Domty shareholders will get a little more for selling to Expedition Investments: The Expedition Investments-led consortium bidding to acquire 34% of cheesemaker Domty has upped its offer by 10% on the heels of a fair value study that suggested the bid had undervalued the company. The consortium is now offering\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547702,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/expedition-investments-submits-bid-for-34-stake-in-domty\/","url_meta":{"origin":545558,"position":5},"title":"Expedition Investments submits bid for 34% stake in Domty","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"Expedition Investments has submitted an official bid to acquire a 34% stake in cheesemaker Domty, the Financial Regulatory Authority (FRA) said in a disclosure to the EGX(pdf) yesterday. The consortium has offered to purchase up to 96.2 mn shares for EGP 5 a piece in a mandatory tender offer, the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/105.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545558"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545558\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545554"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545559"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545558"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545558"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}