Arabian Food Industries (Domty) [DOMT.CA] recently received approval from the Egyptian Stock Exchange (EGX) for the conversion of 10mn shares (3.5% of the company’s shares) to global depositary receipts (GDRs), which was an undertaking by the company's major shareholder at the request of the EGX. However, given the company’s current free float of c43%, Domty could convert up to 21.67% of  its share capital into GDRs, noting that under EGX regulations companies are allowed to convert up to 33% of their capital into GDRs provided they do not exceed the percentage of shares in free float traded on EGX. Domty recently launched a GDR programme with one GDR the equivalent of five local shares. (Enterprise)   Domty: EGP6.70 as of 18 September 2016, Rating: Buy, FV: EGP10.20 per share, MCap: USD213mn, DOMT EY / DOMT.CA