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.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
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.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW