Egyptian financial services company Pioneers Holding announced that it has made a compulsory offer to acquire all of electric components manufacturer Electro Cable Egypt.
Pioneers Holding owns 48.5 percent of Electro Cable Egypt and said that it has bid to buy the rest of Electro Cable, which has a capitalization of 711.5 million Egyptian pounds ($40 million).
Pioneers, which offered to buy Electro Cable as part of its strategy to use revenues from a capital increase in October to grow its business, said it had made the offer through one of its subsidiaries at a price of $0.075 per share.
Pioneers Holding said that the acquisition of Electro Cable Egypt will be a real addition to its investment portfolio and will strongly support the company’s revenues during the coming period.