Egypt's Pioneers Holding buys cable factory for $37 mln

A subsidiary of Egypt's Pioneers Holding has acquired a cable production factory in a deal worth 286 million Egyptian pounds ($37 million), the company said on Tuesday in a statement to the bourse.

The factory has annual sales of about 1.2 billion pounds, the statement said. Pioneers holds a 55 percent direct stake in Giza Power, which made the acquisition.