The board of directors of Pioneers Holding Company for Financial Investments has approved fair value studies for 5 affiliated companies listed on the Egyptian Stock Exchange, which seek to raise their percentage and related groups up to 90 percent.
The Board of Directors decided to submit a proposal to the extraordinary general assembly to approve the issuance of the issued capital increase shares, with a maximum of 275.45 million shares, with a nominal value of 5 pounds per share, plus an issuance premium of approximately 4.84 pounds per share, fully dedicated to the main shareholders who will provide the exchange shares At the fair value on the basis of which the purchase offers will be implemented without realizing the priority rights of the old shareholders.
Earlier, the Egyptian financial supervision announced the amendment of the swap factor in a deal targeting Pioneers Holding for Financial Investments to raise its percentage and its related groups in 5 of its subsidiaries listed on the Egyptian Stock Exchange to 90 percent.
The Board approved the approval of the disclosure report prepared in accordance with Article 48 of the registration rules and the continued registration and cancellation of securities on the Egyptian Stock Exchange, which includes the reasons for increasing the issued capital, as well as documents supporting it.
The Pioneers board of directors decided last October to submit offers to exchange shares without the cash option to raise the percentage of the company and its associated group up to 90 percent of the capital of the following companies: Giza General Contracting, United Housing and Development, Upper Egypt Contracting, Cairo Housing and Development, Egyptian electric cables , With the shares of these targeted companies still listed on the Stock Exchange.