FRA agrees to MTO announcement for Electric Cable Egypt

M&A WATCH- FRA agrees to MTO announcement for Electric Cable: The Financial Regulatory Authority (FRA) has agreed to publish the MTO announcement for Electric Cable Egypt that was submitted by a consortium led by Pioneers Holding subsidiary Summu Investment, it said in a statement (pdf). The consortium, which includes Wadi Investment (which is 99.98% owned by Pioneers) and Flourish Investment, aims to acquire 41.46% (294.9 shares) of Electric Cable Egypt at EGP 1.35 per share. The consortium had submitted the MTO last month. Pioneers already owns 48.5% of Electric Cable through Summu, and would raise its stake in the company to 90% if the transaction goes through.