Cairo – Mubasher: Electro Cable Co. obtained the approval of the board of Pioneers Holding Co.to acquire its stake in Giza Power Co, said Abdul Rahman Abdul Ghani, board member at Electro Cable.

Giza Power Co. is 55% owned by Pioneers Holding, while Electro Cable Co. owns the remaining 45%.

Electro Cable aims to raise the production capacity of Giza Power by 30% after the acquisition, added Abdul Ghani.

The acquisition deal will be self-financed, noted Abdul Ghani adding that the coming does not intent to obtain any loans to finance this deal.

Last December, The board of directors of Electro Cable Co. gave a nod to buying 54.980 shares in Giza Power Co. - a subsidiary of Pioneers Holding Co.

Electro Cable offered to buy this stake at EGP 10 per share at total amount of EGP 550,000.