Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Sunday announced that it has submitted a mandatory tender offer through its subsidiary, Summu Consulting, to wholly purchase the shares of Electro Cable Co Egypt at EGP 1.35 per share.
The offer comes within the framework of the company’s strategy to invest the capital hike’s proceeds, whose subscription took place in October, Pioneers highlighted in a statement to the Egyptian Exchange (EGX).
The Egyptian financial services firm holds a 48.5% stake in Electro Cable, whose capital amounts to EGP 711.4 million, according to the statement.
Founded in 1954, Electro Cable Co is one of the main oldest companies in the Middle East.
