Electro Cable in talks to acquire 55% stake in Giza Power, to raise effective stake to 100%
Pioneers Holding Company (PIOH.CA) has agreed to sell its 55% stake in Giza Power to Electro Cable Company (ELEC.CA), which would effectively raise Electro Cable’s stake to 100% from its current c45%, according to a statement by Abdul Rahman Abdul Ghani, a board member in Electro Cable. Pioneers agreed for the deal to be settled in installments; however, no details are currently available regarding their value. The acquisition will raise Electro Cable’s capacity by 30%, the announcement added. (Mubasher)
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