Egypt EGX approves Pioneers Holding's capital raise

Shares of the capital increase will be listed on Sunday, July 26

  

Cairo – The listing committee of the Egyptian Exchange (EGX) approved a request to increase the issued capital of Pioneers Holding Company for Financial Investment to EGP 5.274 billion from EGP 4.68 billion.

The company’s capital will be increased by EGP 591.6 million, distributed over 118.3 million shares at a nominal value of EGP 5 apiece as well as a share premium of EGP 3.66 a share, to be financed from the shareholders’ credit balances resulting from the stock-swap transaction, according to a bourse disclosure on Wednesday.

Proceeds from the capital increase will be totally transferred to the shareholder Walid Mohamed Zaki and his minor children.

Shares of the capital increase will be listed as of the beginning of trading session on Sunday, 26 July.

It is worth mentioning that during the first quarter of 2020, Pioneers Holding reported net profits of EGP 271.27 million, down by 41% year-on-year (YoY) from EGP 456.79 million.

Source: Mubasher

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