By Ahmed Allam
Cairo – Mubasher: The buyout offer made by Pioneers Holding for Financial Investment for Universal for Paper and Packaging Materials will bring the total value of the group’s acquisitions for this year to EGP 2.15 billion, said Chairman Waleed Zaki.
The bid for the packaging firm is part of the group’s plan to boost its shareholdings in promising investment firm, Zaki added.
The year 2016 shall be a promising period for the financial investment sector, said Zaki, adding that his company continues with diversifying its financial investments to strengthen its profits.
Pioneers said Sunday it submitted a buy offer for all shares of Universal. The company added, in a bourse filing that the offer price stands at EGP 7.50 per share.
The chairman also said Pioneers carried out during this year acquisitions for 60% of Roiaa Holding, in addition to stakes in El Kahera Housing, Arab Dairy, and a stake in an electric cable plant.
Universal is capitalised at around EGP 40 million, divided into 8 million shares at EGP 5 par value each.
Meanwhile, Pioneers is capitalised at EGP 2.8 billion and operates in financial services sector.
Pioneers owns direct and indirect stakes in more than fifty subsidiaries and sister companies, out of which nine are listed on Cairo bourse.
Translated by Sayed Abdel Rahman
