Cairo – Mubasher: Pioneers Holding for Financial Investment announced Tuesday that 55-owned subsidiary Giza Power Co. acquired an electrical cable factory in a deal worth EGP 286 million.
Giza Power is 45% owned by Pioneer’s subsidiary Electro Cable Egypt.
The factor produces electrical cables with low, medium and high voltage, the company said, adding that the factory’s annual sales are estimated at around EGP 1.2 billion.
Pioneers said the acquisition comes as part of its efforts to boost subsidiaries’ competitiveness.
