Based on FinCorp Financial's report, the fair value of Pioneers Holding and the listed companies as follows:
- Pioneers Holding's fair value amounted to EGP 8.787 billion, at EGP 9.38 per share
- Giza General Contracting's (GGCC) fair value amounted to EGP 670.5 million, at EGP 2.29 per share
- United Housing & Development's (UNIT) fair value amounted to EGP 2.128 billion, at EGP 7.52 per share
- Elsaeed Contracting's (UEGC) fair value amounted to EGP 956.000 million, at EGP 1.25 per share
- El Kahera Housing's (ELKA) fair value amounted to EGP 2.689 billion, at EGP 29.88 per share
- Electro Cable Egypt's (ELEC) fair value amounted to EGP 2.324 billion, at EGP 3.27 per share.
Moreover, Pioneers Holding's board suggested issuing capital hike shares at a maximum of 287,982,407 shares with par value of EGP 5 per share, in addition, issuance outlays of EGP 4.384/share. The issuing shares will be allocated to the majority shareholders who responded to swapping their shares based on the fair value of the share.
The below table illustrates the targeted shares from each company
Targeted company | Targeted shares | Swap rate Targeted shares/ Pioneers Holding’s share | The number of shares corresponding to the bidder |
Giza General Contracting | 133,005,721 | 4.099/1 | 32,447,732 |
United Housing & Development | 146,813,951 | 1.248/1 | 117,588,978 |
Elsaeed Contracting | 424,699,665 | 7.478/1 | 56,788,035 |
El Kahera Housing | 8,480,217 | 0.314/1 | 27,000,426 |
Electro Cable Egypt | 155,541,416 | 2.872/1 | 54,157,236 |
Total shares supposed to be issued |
|
| 287,982,407 |
Copyright © 2019 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
