Deadline for offers to buy cheesemaker, Arab Dairy, has been extended to January 22 this year, Egypt’s regulator said on Thursday.

This came after financial services firm Pioneers Holdings, which is also bidding for the control of Arab Dairy, raised its bid for Arab Dairy. Pioneers Holdings already controls 25 percent of Arab Dairy.

Arab Dairy has been at the centre of a buyout clash with Europe’s biggest dairy group, Lactalis. Pioneers Holdings has raised its bid for Arab Dairy to $49.68 million, beating a competing bid from Lactalis.

According to Reuters, the market regulator had consented to Pioneers Holdings’ increased offer. However, it extended the deadline from January 15 this year to permit other interested parties to review their offers.

The clash for the ownership of Arab Dairy is part of a recent burst of activity on the Egypt’s bourse. This has been an indication of a resurgence of interest from global investors in a market searching to reinstate confidence after the crisis brought about by the 2011 political uprising which toppled the troubled country’s leader Hosni Mubarak.

Arab Dairy first started production back in 1990 with a modest, but reasonably diverse group of international quality dairy products that included La Classe’s Swiss cheese; which includes Gruyere, Emmental, Parmesan cheese and La Classe’s fresh cream.