Cairo – Mubasher: Arab Dairy Products Co. (Panda) announced that Dutch FrieslandCampina International Holding has submitted a request on Friday to carry out a due diligence process for the acquisition of the Egyptian dairy firm.

This step is part of the Dutch company’s plan to take over the entire shares of Panda, the Egyptian firm said in a statement to the Egyptian Exchange (EGX) on Sunday.

It is noteworthy that Pioneers Holding Company for Financial Investment holds a 70% stake in Panda.

During the first quarter of 2019, 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.

As for standalone business, Panda’s profits amounted to EGP 17.13 million in the three-month period ended 31 March, compared to EGP 716,623 in the same period a year earlier.