Cairo – Mubasher: Pioneers Holding Company for Financial Investment has submitted a draft mandatory tender offering (MTO) to the Egyptian Financial Regulatory Authority (FRA) to acquire 90% of five subsidiaries through stock swap transactions.

The Egyptian company plans to raise its stakes in Giza General Contracting and Real Estate Investment Co, United Company for Housing and Development, Elsaeed Contracting and Real Estate Investment Company, El Kahera Housing, and Electro Cable Co to 90%, according to a bourse disclosure on Tuesday.

On Monday, Pioneers Holding Company revealed that its board of directors approved the fair value (FV) studies conducted by the financial advisor Fincorp for five of its subsidiaries listed on the Egyptian Exchange (EGX).

It is worthy to mention that during the January-September period of 2019, Pioneers Holding Company reported a net profit of EGP 1.23 billion, compared to EGP 821.6 million in the year-ago period, including minority shareholders’ rights.