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Pioneers board approves Arab Dairy's USD 47mn acquisition offer [IntelliNews - Weekly Reports](IntelliNews - Weekly Reports Via Acquire Media NewsEdge) The board of directors of Egypt's Pioneers Holding, a financial conglomerate, approved the purchase of Arab Dairy for EGP 56 (USD 7.83) per share, Al Mal financial newspaper reported. The deal values Arab Dairy, a leading manufacturer of cheese and other dairy products in the Egyptian market, at EGP 336mn (USD 47mn). The company's net sales stood at EGP 650mn in 2013 with net loss of EGP 3.63mn. Arab Dairy's equity is distributed between Saudi Egyptian Investment Finance (30.75%), Pioneers Holding (18.3%), Adham Limited (18.12%), Baraka for Trading and Investment (12.13%) and Misr Iran Development Bank (6.3%) according to Cairo Stock Exchange filing. Arab Dairy is the subject of intense acquisition competition from local and international players with India's VRS food ltd – Paras being the latest suitor to express interest offering USD 9.09 per share. (c) 2014 Emerging Markets Direct Media Holdings LLC Provided by SyndiGate Media Inc. (Syndigate.info). [ Back To TMCnet.com's Homepage ] |