Cairo – Mubasher: Arab Dairy Products Co. (Panda) announced that Dutch FrieslandCampina International Holding has completed the due diligence process for the acquisition of the Egyptian dairy firm.
The Dutch firm has not submitted a purchase offer yet, Panda said in a statement to the Egyptian Exchange (EGX) on Sunday.
In June, Panda revealed that FrieslandCampina International Holding submitted a request to carry out a due diligence process to acquire 100% of the shares of the Egyptian firm.
It is noteworthy that Pioneers Holding Company for Financial Investment holds a 70% stake in Panda.
During the first half of 2019, the dairy producer’s profits surged to EGP 20 million from EGP 8.84 million in the year-ago period.
