A public share offering by Egypt’s Juhayna Food Industries worth £E192m ($34m) has closed 6.8 times oversubscribed.     

Subscriptions for 279.97 million shares were received for the offering of 41.19 million shares, according to Reuters. The shares were priced at $0.82 each.

The public offering was Egypt’s first since May 2008.

The total offering comprised 206 million shares, equivalent to 39.6 per cent of the capital of the company, as part of a plan to raise $176.5m to finance new expansion projects, including investments in dairy production.

This included a private placement of 164.8 million shares, which closed at 1.75 times oversubscribed on 7 June. These shares were sold at $0.86 each, raising $142m.