Egypt – Pioneers to buy more than 50% of Dice and Master line

Egypt’s investment firm Pioneers Holding (PIOH) board approved to move forward with the due diligence study to acquire more than 50% stake in Dice Sport and Casual Wear (DSCW) and Master Line.

Pioneers will acquire sphinx direct investment stake in the two companies, according to financial newspaper AlMal.

Negotiations are set to conclude at least by current year-end, at a time when Sphinx main investors Qalaa Holdings ((CCAP), formerly known as Citadel Capital) announced that it has entered talks to exit non-core investments.

The newspaper reported that Pioneers intends to enter an alliance with main investment that own a 30% stake in Dice and 40% in master linen to establish a new company that will include Pioneers stake and the alliance parties stake. Source: Arab Finance