Cairo – Mubasher: The board of directors of Pioneers Holding Company for Financial Investment decided to proceed with raising its shareholding in five of its subsidiaries to 90% through stock swap transactions.

The board approved the following stock-swap ratios:

1. Giza General Contracting and Real Estate Investment: 4.150 shares for one share in Pioneers Holding
2. United Company for Housing and Development: 1.281 shares for one share in Pioneers Holding
3. Elsaeed Contracting and Real Estate Investment: 7.444 shares for one share in Pioneers Holding
4. El Kahera Housing: 0.303 shares for one share in Pioneers Holding
5. Electro Cable Co: 2.783 shares for one share in Pioneers Holding

Previously, the company’s CEO Waleed Zaki told Mubasher the Pioneers Holding will make non-cash tender offers to increase its stakes in five of its listed subsidiaries to 90% via share swap.

It is worth mentioning that during the first nine months of 2019, Pioneers Holding reported net profits of EGP 1.231 billion, compared to EGP 821.68 million in the year-ago period.