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Al-Ahram Weekly 15 - 21 July 1999 Issue No. 438 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 15 - 21 July 1999 Issue No. 438
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Culture Profile Features Travel Living Sports Time Out Chronicles People Cartoons Letters Chips of Chipsy
CHIPSY for Food Industries, Egypt's leading producer of sliced, fried potato snacks, is offering 8.5 million of the company's shares for sale, and this figure may be increased later to 10 million, officials said. While 10 per cent of the offering is to be covered through public subscription, the rest will be sold through private placement.The company estimates the market value of the offering at LE13 a share, but the offering prospectus said this price is subject to change, depending on the prices of buying orders submitted to the Commercial International Investment Company (CIIC) which is acting as the offering manager.
Chipsy for Food Industries also pledged to buy back shares from subscribers in the public offering at the price they paid in case the share value retreats within a 90-day period following the subscription closing date.
Chipsy was incorporated last year through the merger of Misr Company for Food Industries, Egypt Trade Company (Crunchy) and the Industrial and Food Supplies Company. The company expects to post profits of LE32.7 million this year and projects profits of LE37.3 million in 2000.
The company's assets stand at LE300 million while its capital is about LE142.3 million.
