Pioneers submits request to Egypt's FRA to register two spin-off firms

This move will allow the two new entities to be listed on the Egyptian Exchange

  
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany
Cairo – Pioneers Holding Company for Financial Investment has submitted a request to the Financial Regulatory Authority (FRA) to register the two spin-off companies resulted from the company’s split into three entities.

This move, which is in line with the extraordinary general meeting's (EGM) approval for the company's demerger on 24 July, will allow the two new entities, Pioneers Properties for Uban Development and Gadwa Industrial Development, to be listed on the Egyptian Exchange (EGX), Pioneers said in a bourse disclosure on Wednesday.

Pioneers Properties for Uban Development has authorised capital of EGP 23 billion and issued and paid-up capital of EGP 4.74 billion distributed over 1.05 billion shares at a nominal value of EGP 4.5 apiece, while Gadwa Industrial Development has authorised capital of EGP 10 billion and issued and paid-up capital of EGP 2.004 billion distributed over 1.05 billion shares at a nominal value of EGP 1.9 apiece.

Additionally, Pioneers submitted another request to the FRA to transfer the ownership of the demerger investments from Pioneers Holding (Aspire) to the two new entities.

In the first half (H1) of 2021, Pioneers Holding achieved consolidated net profits of EGP 522.84 million, down from EGP 800.9 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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