Pioneers to buy Arab Dairy in $35 m deal

Egyptian financial investment firm Pioneers Holding (PIOH) expects to buy Arab Dairy Products Co SAE in a deal worth 252 million Egyptian pounds (35.24 million dollars) this year, Pioneers’ CEO said on Wednesday.

“I expect the full completion of the transaction by the end of 2014,” Walid Zaky told Reuters.

Zaky said Pioneers was also expecting another acquisition this year, but declined to provide further details.

Pioneers owns 25 percent of Arab Dairy and in August announced its intention to bid for the entire company at 56 pounds per share.

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