Cairo –  Pioneers Holding Company for Financial Investment has announced that its offer to acquire 90% of five subsidiaries will not be affected by the suspension of the financial advisor Fincorp by the Financial Regulatory Authority (FRA).

Pioneers’ board approved the fair value (FV) studies conducted by Fincorp before the suspension of the company, the EGX-listed company said, according to a bourse statement released on Tuesday.

The FRA decided to suspend Fincorp’s financial advisory licence for three months due to some violations committed by the company.

It is worthy to mention that during the January-September period of 2019, Pioneers Holding Company reported a net profit of EGP 1.23 billion, compared to EGP 821.6 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

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.