Univer­sal for Pa­per & Pack­ag­ing Ma­te­ri­als (Uni­pack)

Business monthly (Egypt) - - MARKET WATCH -

On Dec. 6, Pi­o­neers Hold­ing for Fi­nan­cial In­vest­ment sub­mit­ted a ten­der of­fer for all shares of Univer­sal for Pa­per & Pack­ag­ing Ma­te­ri­als (Uni­pack) at LE 7.50 a share. This rep­re­sented a 24-per­cent pre­mium over the pre­vi­ous trad­ing day’s clos­ing price. The of­fer val­ues the com­pany at a PE ra­tio of 19.5, based on the earn- ings of the past 12 months, which reached LE 3.08 bil- lion. Pi­o­neers Hold­ing al­ready has an in­di­rect 32.5-per- cent stake in Uni­pack through one of its sub­sidiaries. The stock jumped 27 per­cent over the pe­riod from LE 5.55 to LE 7.05, trad­ing 828,000 shares in five days af­ter the of­fer an­nounce­ment ver­sus only 252,000 shares in 14 days.

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