Egypt’s Pioneers Holdings likely to acquire Arab Dairy Firm

Egypt’s financial investment company, Pioneers Holding, is likely to acquire dairy products firm, Arab Dairy Products, for $35.2 million, it emerged this week.

This is a sign that businesses are beginning to steam ahead with their growth and expansion plans despite continuing political upheavals in the troubled African country.

“I expect the full completion of the transaction by the end of 2014,” Reuters quoted CEO Walid Zaky as having said.

Pioneers currently have a 25 percent shareholding in Arab Dairy, which claims to take pride in the use of state-of-the-art machinery in making its products.

Pioneers, whose areas of operations also include Egypt, Bahrain and the UAE, puts most of its money in property, financial services and industrial sectors.

If this deal goes through, it will not be the company’s only intention to buy this year.