Cairo – Mubasher: The board of directors of Pioneers Holding Company for Financial Investment approved a decision to increase the company’s issued capital to EGP 5.274 billion from EGP 4.68 billion.

The board, as authorised by the extraordinary general meeting (EGM), decided to raise the capital by EGP 591.6 million, divided on 118.3 million shares at a nominal value of EGP 5 apiece as well as a bonus issuance of EGP 3.66 a share, totalling EGP 433 million to be allocated as statutory reserve, according to a bourse disclosure on Sunday.

The capital increase was totally covered by the credit balances owed by the shareholder Walid Mohamed Zaki and his minor children.

Earlier, Pioneers Holding announced the completion of the acquisition of five subsidiaries through stock swap transactions.