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Pioneers buys Saudi Egyptian Investment stake in Arab Dairy

Pioneers buys Saudi Egyptian Investment stake in Arab Dairy
Photo Credit: Arabianeye-Reuters
Aspire Capital
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Arab Dairy-Panda
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Saudi Egyptian Investment and Finance Co. announced Tuesday it has approved to sell its 30.7% stake in Arab Dairy Products Co. to Pioneers Holding for Financial Investment.

 

Last November, the Economic Court issued a rule which obligates the Saudi Egyptian Investment to submit a mandatory tender offer for Arab Dairy total shares. The court ruling has followed a lawsuit filed by Pioneers Holding against Saudi Egyptian where it requested that the company to be obligated to make a tender offer for Arab Dairy shares.

 

In the same vein, Arab Dairy Products Co. announced recently the Egyptian Financial Supervisory Authority (EFSA) has approved the bid price submitted by Pioneers Holding to buy the company.

 

Pioneers has submitted a buy price of EGP71.11 per share, topping the rival bid at EGP 71 per share submitted by Al Noor for Dairy Industries Co. a subsidiary of France’s dairy maker Lactalis.

 

Pioneers and Lactalis have been battling over the Egypt-based dairy producer.