November 18, 2018 / 9:37 AM / 6 months ago

UPDATE 1-Egypt's Pioneers Holding makes bid for Electro Cable Egypt

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CAIRO, Nov 18 (Reuters) - Egypt’s Pioneers Holding said on Sunday it has made a compulsory offer to acquire all of Electro Cable Egypt as part of its strategy to use revenues from a capital increase in October to grow its business.

Pioneers Holding, which operates financial services and other businesses, owns 48.5 percent of Electro Cable Egypt, one of the oldest cable companies in the Middle East.

It said in a statement that it has bid to buy the rest of Electro Cable, which it says has a capitalisation of 711.5 million Egyptian pounds ($40 million).

Pioneers said it had made the offer through one of its subsidiaries at a price of 1.35 Egyptian pounds per share.

“Acquiring Electro Cable Egypt will be a real addition to our investment portfolio and will strongly support the group’s revenues during the coming period...,” it said in a statement said. ($1 = 17.9250 Egyptian pounds) (Reporting by Sami Aboudi; Editing by Susan Fenton)

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