Cairo – Mubasher: The board of directors of Pioneers Holding gave a nod to reducing its issued capital by EGP 15 million from EGP 3.542 billion to EGP 3.527 billion.

The capital cut will be effected through the cancellation of 3.033 million stocks at par value EGP 5 each, in the frame work of previous employees ‘incentive program

The company’s board also approved a new capital increase of EGP 75 million, to be allocated to the employees’ incentives program.

The new capital increase will result in raising the company’s capital EGP 3.527 billion to EGP 3.602 billion, distributed across 15 million shares at EGP 5 par value each and will be financed from the legal reserves for the fiscal year ended 31 December 2015 through issuing bonus shares.