Pioneers Holding sees sale deals as part of stock-swap transaction

The board decided to raise the capital

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 20, 2018.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 20, 2018.

REUTERS/Mohamed Abd El Ghany
Cairo – Mubasher: Pioneers Holding Company for Financial Investment announced that its chairman and managing director Walid Mohamed Zaki Ibrahim and his five minor children reduced their stake from 24% to 11.37%.

The sale deal is part of the stock-swap transactions implemented for the acquisition of 90% of five of Pioneers Holding’s subsidiaries until the issuance of the capital raise shares, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The chairman sold about 54.78 million shares, while his five minor children sold 63.5 million shares at a combined value of EGP 1 billion, averaging EGP 8.66 per share.

The board, as authorised by the extraordinary general meeting (EGM), decided to raise the capital by EGP 591.6 million, divided on 118.3 million shares at a nominal value of EGP 5 apiece as well as a bonus issuance of EGP 3.66 a share, totalling EGP 433 million to be allocated as statutory reserve.

Source: Mubasher

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