Egypt’s Domty plans IPO within two years

April 30, 2014 10:37 am

Omar el-Damaty, chairman of Egyptian dairy firm, Arabian Food Industries Co (Domty) has unveiled plans to float 30% of the company in an initial public offering within two years, Reuters has reported. The firm, which has a market share of 32%, produces 80,000 tonnes of cheese a year and exports to Jordan, Lebanon, and Libya. Domty started a line of juices three months ago, which will help increase sales to EGP1bn ($142.86m) this year from EGP850m in 2013, Damaty said.