Egypt’s Pioneers Holding buys cable factory for $37 mn

 A subsidiary of Egypt's Pioneers Holding has acquired a cable production factory in a deal worth LE286 million ($37 million), the company said on Tuesday in a statement to the Egyptian stock market.

The factory has annual sales of about LE1.2 billion, the statement said. Pioneers holds a 55 percent direct stake in Giza Power, which made the acquisition.

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