09 September 2008
A sale purchase agreement was signed on August 28, 2008, between Pioneers Holdings for Financial Investments and Concord International Investments LP, by which Pioneers Holdings for Financial Investments acquires a 20% limited partnership stake in Concord International Investments LP, a US partnership, for a total value of US$ 24 million.
Concord International Investments LP invests in Egyptian publicly and privately traded for institutions and individual investors through mutual funds including off shore listed closed- and open- ended funds, UCITS funds and private equity funds. Concord also manages investment portfolios for high net worth individuals, families and foundations. It has widely recognised expertise in portfolio management, investment strategy, corporate finance and strategic planning through a group of subsidiaries and affiliates dedicated to fund management, portfolio management, investment banking and direct investments.
As at June 2008, the Concord Group managed directly and through affiliated companies approximately US$2.4 billion worldwide of which approximately US$1.8 billion was invested in Egyptian securities.
The Concord Group was the first international firm to obtain a license from the Egyptian Capital Market Authority to establish a branch to manage mutual funds, and is currently managing 14 funds for individual investors, banks, institutions, insurance companies and government entities. It now has a 60 person team in Cairo dedicated exclusively to the Egyptian market.
The Concord Group was the first firm to establish a closed-ended country Egyptian fund, and an open-ended country fund, both listed on the London Stock Exchange. The closed-ended country fund, The Egypt Investment Company Limited, was ranked several times as the top performing emerging fund in the world out of a universe of more than 7,200 funds as measured by the Standard & Poor's Corporation. In addition, the open ended fund was also ranked the second best open ended performing fund for the first six months of 2005 by e-fundsresearch.com. The other offshore funds under Concord's management are listed on the Channel Islands Stock Exchange in Guernsey, the Luxembourg Stock Exchange and the Dublin Stock Exchange.
In addition, Concord International Investments LP acquired, through two direct investment funds, significant shareholding interests in a number of companies including Al Borg Labs (Cairo Medical Towers), Bisco Misr, Amoun Pharmaceuticals and Lecico.
Pioneers Holdings for Financial Investments announced that the purchase of the 20% limited partnership stake in Concord International Investments LP is a first step towards a strategic alliance between the two groups on the domestic, regional and international levels. It is an integral part of the systematic expansion plan by Pioneers Holdings to fulfill the objective of becoming a leading regional financial institution.
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A sale purchase agreement was signed on August 28, 2008, between Pioneers Holdings for Financial Investments and Concord International Investments LP, by which Pioneers Holdings for Financial Investments acquires a 20% limited partnership stake in Concord International Investments LP, a US partnership, for a total value of US$ 24 million.
Concord International Investments LP invests in Egyptian publicly and privately traded for institutions and individual investors through mutual funds including off shore listed closed- and open- ended funds, UCITS funds and private equity funds. Concord also manages investment portfolios for high net worth individuals, families and foundations. It has widely recognised expertise in portfolio management, investment strategy, corporate finance and strategic planning through a group of subsidiaries and affiliates dedicated to fund management, portfolio management, investment banking and direct investments.
As at June 2008, the Concord Group managed directly and through affiliated companies approximately US$2.4 billion worldwide of which approximately US$1.8 billion was invested in Egyptian securities.
The Concord Group was the first international firm to obtain a license from the Egyptian Capital Market Authority to establish a branch to manage mutual funds, and is currently managing 14 funds for individual investors, banks, institutions, insurance companies and government entities. It now has a 60 person team in Cairo dedicated exclusively to the Egyptian market.
The Concord Group was the first firm to establish a closed-ended country Egyptian fund, and an open-ended country fund, both listed on the London Stock Exchange. The closed-ended country fund, The Egypt Investment Company Limited, was ranked several times as the top performing emerging fund in the world out of a universe of more than 7,200 funds as measured by the Standard & Poor's Corporation. In addition, the open ended fund was also ranked the second best open ended performing fund for the first six months of 2005 by e-fundsresearch.com. The other offshore funds under Concord's management are listed on the Channel Islands Stock Exchange in Guernsey, the Luxembourg Stock Exchange and the Dublin Stock Exchange.
In addition, Concord International Investments LP acquired, through two direct investment funds, significant shareholding interests in a number of companies including Al Borg Labs (Cairo Medical Towers), Bisco Misr, Amoun Pharmaceuticals and Lecico.
Pioneers Holdings for Financial Investments announced that the purchase of the 20% limited partnership stake in Concord International Investments LP is a first step towards a strategic alliance between the two groups on the domestic, regional and international levels. It is an integral part of the systematic expansion plan by Pioneers Holdings to fulfill the objective of becoming a leading regional financial institution.
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© Press Release 2008
