The International Dairy Investment Company has acquired 69.55 million shares of Arabian Food Industries, thereby securing a 24.61% ownership interest.
Arabian Food Industries, recognized by its flagship brand Domty, operates in Egypt, producing a variety of branded white and processed cheeses, as well as juice products.
The deal, with a total worth of approximately $14.39 million (EGP 445.84 million), was executed at an average share price of EGP 6.41.
The El-Damaty family sold all of their shares in Domty to the International Dairy Investment Company as part of this acquisition.
Last week, the Egyptian investment firm EFG Holding facilitated the transaction.
During 2021, FrieslandCampina and the Arabian Food Industries Company reached an agreement to establish a fresh joint venture dedicated to exporting cheese to Africa and the Middle East. In this new partnership, FrieslandCampina and Domty held ownership stakes of 51% and 49%, respectively.
