Cairo – Mubasher: The Egyptian Exchange (EGX) decided to suspend trading on the shares of Pioneers Holding Company for Financial Investment and five of its subsidiaries until receiving a statement from the Egyptian Financial Regulatory Authority (FRA).

The subsidiary companies include 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 – Egypt, according to a bourse statement on Tuesday.

It is noteworthy to mention that the board of directors of Pioneers Holding Company for Financial Investment approved the fair value (FV) studies conducted by the financial advisor FACT for five of its subsidiaries.

It is noteworthy that during the first nine months of 2019, the company's net profits leapt to EGP 1.23 billion from EGP 821.6 million in the year-ago period, including minority shareholders’ rights.