Pioneers to start acquiring Arab Dairy shares Sunday

Ahram Online, Thursday 27 Nov 2014

Financial investments group Pioneers Holding will start buying Arab Dairy shares Sunday, following financial regulator approval

Egyptian Stock Exchange (File Photo)

Egyptian financial investment firm Pioneers Holding will start buying the shares of Arab Dairy Products Co SAE Sunday at LE56 per share, the Egyptian Stock Exchange (EGX) said in a statement released Thursday.

Pioneers owns 25 percent of Arab Dairy and in August announced its intention to bid for the entire company at LE56 per share.

The deal, which is worth LE252 million, has already been approved by the Egyptian Financial Supervisory Authority (EFSA), said the statement.

Trading will last 20 days, the statement added.

Pioneers, which operates in Egypt, Bahrain and the UAE, invests in the real estate, industrial and financial sectors. 

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