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(2018-04-30) Obour Land to invest LE200m in 3 years
Obour Land for Food Industries (OLFI) is preparing a three-year strategic plan with EGP 200 million in investments. The Egyptian dairy producer aims to raise its market share in the domestic market, Obour Land said in a filing to the Egyptian Exchange (EGX) on Sunday. The Egyptian-based firm is projected to implement this plan starting this year with EGP 90 million in investments during 2018, according to the filing. Upon this plan, the company plans to establish a subsidiary under the name of Obour Farm for livestock farming and cattle fattening, the company highlighted. The company may enter the field of processed meat in the future, the company added. Additionally, Obour Land seeks to reinforce its position in the Egyptian market by releasing new products, the EGX-listed firm indicated. The first phase of the plan includes the establishment of Obour Farm with a capital of EGP 5 million this year, debuty chairman Ashraf Hamed said. Obour Land plans to boost its capital to around EGP 50 million through cash increase from shareholders, Hamed added. The company will hold 98% stake in its anticipated unit and the remaining 2% will be owned by members of the family, he noted, pointing out that entering the livestock farming business, as well as the processed meat business, is a step towards activating the companys operations. The company has established a 45-acre farm for cattle breeding, he said. He revealed that farm will be auto-financed with up to EGP 90 million during 2018 as investments will be doubled over the next three years to reach EGP 200 million. It is worth noting that Obour Land had posted a net profit of EGP 243.19 million for the full-year ended December 2017, versus EGP 161.9 million in profits in the year before. Obour Lands capital amounted to EGP 200 million distributed over 200 million shares at a par value of EGP 1 per share.