BNY Mellon named depositary bank for Edita's new London Stock Exchange Listing
BNY Mellon, a global leader in investment management and investment services, has been selected as depositary bank by Edita Food Industries S.A.E. for the listing and offering of its global depositary receipts (GDRs). Each Edita GDR represents five common shares. Edita's ordinary shares trade on the Egyptian Exchange under the symbol "EFID.CA" and its GDRs trade on the London Stock Exchange Professional Market under the symbol "EFID."
The new listing marks the first GDR capital raising by an Egyptian company since 2008.
"Given renewed investor interest in Egypt and the Middle East, Edita Foods decided to raise its corporate profile and list its shares in GDR form on the London Stock Exchange," said Hani Berzi, Chairman and Chief Executive Officer of Edita Food Industries. "We are pleased to select BNY Mellon as our depositary bank, as their commitment and experience in the Egyptian market will help us to enhance Edita's visibility throughout the global financial markets and increase foreign investor interest in our company. We look forward to our new relationship together."
Founded in 1996, Edita is an Egyptian packaged snack food company and one of the leading food manufacturers in Egypt and the Middle East. Operating four production facilities, Edita has focused on baked snack products such as cakes, croissants and rusks (baked wheat), and recently expanded into the wafers and candy segments. The company's brands include Molto, TODO, Bake Rolz, Bake Stix, Mimix, HoHo's, Twinkies and Tiger Tail – names familiar to consumers in Egypt and more than 20 other markets across the Middle East and Africa. Edita also acts as sole regional distributor of several brands of imported sweeteners, olive oils and pasta.
"Egyptian issuers are returning to the global capital markets for the first time in years, and that's a welcome sign to the region as well as to investors," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We'll work closely with Edita on a broad outreach to the investment community via this new GDR program. As the leading depositary bank in Egypt and the Middle East, we've helped many issuers in the region raise their profile with foreign investors."