November 18, 2018 / 9:25 AM / 24 days ago

Egypt's Pioneers Holding makes bid for Electro Cable Egypt -statement

Walid Zaki, CEO of Pioneers Holding Company for Financial Investments, speaks during an interview with Reuters in Cairo, Egypt December 12, 2017. REUTERS/Ehab Farou

CAIRO (Reuters) - Egypt’s Pioneers Holding said on Sunday it has made an offer to acquire all of Electro Cable Egypt through one of its subsidiaries at a price of 1.35 Egyptian pounds ($0.0754) per share.

Pioneers Holding owns 48.5 percent of Electro Cable Egypt, one of the oldest cable companies in the Middle East, and has bid to buy the rest of the company.

($1 = 17.9000 Egyptian pounds)

Reporting by Sami Aboudi; Editing by Susan Fenton

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