Cairo – Mubasher: The extraordinary general meeting (EGM) of Pioneers Holding Company for Financial Investment has agreed to raise the company’s issued and paid-up capital to EGP 4.68 billion from EGP 3.6 billion.

The EGM has approved a capital increase of EGP 1.08 billion to be distributed over 216.1 million shares at a nominal value of EGP 5 per share, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

This will be executed through subscriptions of old shareholders in the will be issued in one stage at 2.5 piasters per share, according to the filing.

Pioneers Holding had previously posted a net profit of EGP 1.14 billion during the full-year ended December 2017, versus EGP 1.08 billion in 2016.