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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (

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.

More From Markets