Pioneers Holding Co. (CASE:PIOH) made an offer to acquire 66.8% stake in Universal for Paper and Packaging Materials Co. (CASE:UNIP) for EGP 40 million on December 3, 2015.

Pioneers Holding will acquire 5.3 million shares at a price of EGP 7.5 per share. The transaction will be financed through internal financial resources of Pioneers. The transaction has been approved by the Board of Pioneers Holding on December 3, 2015.