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Pioneers Holding denies impact of Fincorp suspension on acquisition deal

Pioneers Holding denies impact of Fincorp suspension on acquisition deal
Pioneers’ board approved FV studies conducted by Fincorp
Pioneers Holding
PIOH
-13.89% 4.65 -0.75

Cairo – MubasherPioneers Holding Company for Financial Investment has announced that its offer to acquire 90% of five subsidiaries will not be affected by the suspension of the financial advisor Fincorp by the Financial Regulatory Authority (FRA).

Pioneers’ board approved the fair value (FV) studies conducted by Fincorp before the suspension of the company, the EGX-listed company said, according to a bourse statement released on Tuesday.

The FRA decided to suspend Fincorp’s financial advisory licence for three months due to some violations committed by the company.

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.