Egypt’s Pioneers approves $393 mln share issue

Pioneers Holding approved a capital increase of 3 billion Egyptian pounds ($393 million), the Egyptian financial services firm said on Tuesday.

It plans to issue 170 million shares at 17.63 pounds per share, it said in a statement to the bourse.

Pioneers won a $33 million takeover bid on Monday for Egyptian cheese maker Arab Dairy, beating out a subsidiary of Lactalis, Europe's largest dairy group.

CEO Walid Zaky said the acquisition was part of an effort to expand in the food sector, a fast-growing industry in the most populous Arab nation of 87 million people.

Pioneers' shares were up 2.34 percent at 12.25 Egyptian pounds on the Egyptian stock exchange at 0856 GMT.

Back to top button