Egypt – Pioneers to offer to buy Universal Co for Packaging
Egypt’s Pioneers (PIOH) will offer to buy 100 percent of its subsidiary Universal Co for Packaging Materials and Paper unip for 7.5 pounds per share on Sunday, a Pioneers official told Reuters.
“We will submit today an offer to buy 100 percent of Universal Co at the price of 7.5 pounds per share,” he said.
The company posted a statement on the Egyptian stock exchange confirming its offer.
Universal closed at 6 pounds on Thursday while Pioneers was trading at 6.83 before the announcement was made.
Pioneers specialises in market research and brokerage services but also has investment arms in real estate, industry and financial services.
Pioneers Chief Executive Walid Zaki told Reuters in August that it will work on increasing its holdings in subsidiary companies.
Some of the other companies Pioneers has acquired significant stakes in are Cairo for Housing and Development, Roaya Group, United Housing, and Electro Cable. Source: Reuters