Arab Dairy Products Co. announced it received a statement from Saudi Egyptian Investment & Finance as regards the ruling issued by the Economic Court obligating the latter to submit a mandatory tender offer for Arab Dairy total shares.
Pioneers Holding for Financial Investments had filed a legal action against Saudi Egyptian Investment before the Economic Court, requesting the company to be obligated to make a tender offer for Arab Dairy shares.
The Egyptian Financial Supervisory Authority (EFSA) on Tuesday that Pioneers Holding submitted a mandatory tender offer to buy up to 3611301 share, or 60.188% in Arab Dairy at EGP 56 per share.