Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Monday said that the first phase of raising its issued capital has been oversubscribed by 98%.

The subscription was implemented through 211.65 million shares at a total value of EGP 1.07 billion, or EGP 5.10 per share, that has been reimbursed in cash, the company highlighted in a filing to the Egyptian Exchange (EGX).

Subscription in the remaining 4.45 million shares to boost capital will be opened for shareholders who have the right to subscribe during the second phase, the Cairo-based company added.

It is worth noting that subscription to the company’s capital hike commenced on 5 September and closed on 11 October.

In June, Pioneers Holding’s extraordinary general meeting (EGM) agreed to raise the company’s issued and paid-up capital to EGP 4.68 billion from EGP 3.6 billion.

The EGM also 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.