Cairo – Mubasher: Pioneers Holding Company for Financial Investment announced that the board of directors of Arab Dairy Products Co. (Panda) has approved a request to enable the UAE-based GC Equity Partners Fund III to carry out a due diligence process for the acquisition of the Egyptian dairy firm.
This step is part of the GC Equity Partners Fund III’s plan to take over the entire shares of Arab Dairy, the cheesemaker said in a statement to the Egyptian Exchange (EGX) on Tuesday.
It is noteworthy that the board of directors of Pioneers Holding Company for Financial Investment, which holds a 70% stake in Arab Dairy, appointed CI Capital as an adviser on the deal.
During the first quarter of 2019, Pioneers Holding’s profits rose by 22.9% year-on-year to EGP 456.795 million, compared to EGP 371.678 million.
From January to March, the dairy producer’s profits hiked by 1,927% to EGP 17.29 million from EGP 853,024 in the year-ago period.
Meanwhile, sales grew to EGP 313.47 million in Q1-19 from EGP 293.25 million in Q1-18.
