Pioneers Financial Holding announced that an extraordinary general meeting will be held on Saturday, August 9.
The EGM will look into endorsing the deal of acquiring 60% stake in Roiaa, in addition to ratifying the fair value for Pioneers stock as per the study conducted by the independent financial advisor.
The EGM will look into approving the fair value estimate for Roiaa and the swap rate for Pioneers and Roiaa shares.
Shareholders will discuss increasing issued an paid-in capital by EGP 333.625 million in exchange for swapping Roiaa shares.
The securities listing committee of the Egyptian Exchange (EGX) had approved a request from Pioneers to proceed with the increase of the company’s issued capital to EGP 2.833 billion from EGP 2.5 billion.
The capital increase shares will be issued in exchange of swapping the shares to be acquired in Roiaa Real Estate, which represent 60% of capital.
Pioneers board had approved the auditor’s report on the deal’s value of around EGP 1.22 billion, divided as follows: EGP 50 million in cash, while the remaining sum will be in the form of secondary shares to be issued by Pioneers for Roiaa shareholders at EP 17.63 value each.