Egypt Pioneers Holding’s OGM approves demerger

Following the demerger Pioneer Holding will decrease its issued and paid-in capital by cutting the par value of its share

  
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany
 

Egypt - Pioneers Holding’s (PIOH) extraordinary general meeting approved the company demerger into three companies, one demerging company and two demerged companies, according to the PIOH’s statement filed to the Egyptian Exchange.

Following the demerger Pioneer Holding will decrease its issued and paid-in capital by cutting the par value of its share.

One of the demerging companies will be engaged in real estate development and investment while the second company will be engaged in industrial investment.

Pioneers Holding posted a consolidated net profit before minority interest of EGP 259.158 million in quarter one 2021.

Pioneers operates in the financial services and securities brokerage sector. The company is engaged in the provision of comprehensive financial services for both retail and institutional investors, including brokerage services covering public and private sectors in restructuring, mergers, issuing of equity and debt capital, and market research.

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