Egyptian Food Firm Juhayna Eyes IPO

Egyptian dairy goods and juice maker Juhayna Food Industries is considering an initial public offering, the chairman said.

Juhayna was working with investment bank EFG-Hermes on the IPO, al-Borsa reported.

The company is one of several firms considering an IPO on the Egyptian Exchange, where shares have surged to their highest levels since September 2008, recovering from the global credit crunch. The last IPO on the Egyptian bourse was in mid-2008.

"The offering and its value are still being studied as market conditions improve," al-Borsa quoted Chairman Safwan Sabet as saying.

Juhayna and EFG-Hermes could not immediately be reached for comment.

Egypt's Juhayna Food Industries has a paid-up capital of 520.4 million Egyptian pounds ($94.3 million) and exports its goods to over 48 countries, al-Borsa said.

The firm is Egypt's leader in the packaged dairy goods sector with 65 percent market share, the paper said, adding that Juhayna posted 2009 revenues of 572.8 million pounds.

"The firm received initial approval to become a holding company within six months," al-Borsa said.

Juhayna Food Industries includes six firms working in making and packaging milk, dairy products and juices, as well as agricultural development, al-Borsa said. Juhayna's clients include McDonald's Corp, the firm's web site says.

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