Cairo – Mubasher: Pioneer Holding Company for Financial Investment and its subsidiaries have raised their stake in Electro Cable Co SAE – Egypt by 19.64% to 68.14% from 48.5% after the implementation of a mandatory purchase offer on the offered shares, according to a bourse filing on Monday.
Horizon Security Brokerage previously said its shareholders in Electro Cable had sold their entire stake of 24.34 million shares.
On Sunday, Pioneer Holding revealed that three companies purchased 139.43 million shares in Electro Cable at a value of EGP 188.25 million.
Wadi Consulting raised its stake in Electro Cable to 15.41% by buying 55.5 million shares at a value of EGP 74.93 million, while Summu Consulting increased its stake to 4.07% in the company at a value of EGP 17.366 and Flourish Investment boosted its holding to 9.99%has via buying 71.1 million shares at EGP 95.95 million.
Electro Cable previously said it had logged a net profit of EGP 134.8 million for the full-year ended 31 December 2018, versus EGP 15.76 million in 2017, including minority shareholders’ rights.
