Cairo – Mubasher: Pioneers Holding Company for Financial Investment has set up a new company named ‘ALNOUR PHARMA’, marking its first investment in pharmaceutical sector.

The new company, which will operate in manufacturing and distributing pharmaceuticals, will be 60% owned by Pioneers Holding, while the remaining 40% will be owned by a group of pharmaceutical experts, according to a statement to the Egyptian Exchange (EGX) on Sunday.

ALNOUR PHARMA has been established with an initial capital of EGP 1 million, with investments expected to reach EGP 1 billion.  

Pioneers Holding plans to inject new investments into the new company to finance the acquisition of new investment opportunities, currently under consideration, in the pharmaceutical industry.   

It is noteworthy that the board of directors of Pioneers Holding agreed to split the company into three separate firms, the company’s CEO Waleed Zaki previously said in an interview with Mubasher.  

During the first half of 2019, Pioneers Holding posted net profits of EGP 1.09 billion, compared to EGP 641.1 million in H1-18.