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Pioneers Holding's EGM nods to split into 3 firms

Pioneers Holding's EGM nods to split into 3 firms
One of the companies will be specialised in the financial services
Pioneers Holding
PIOH
0.44% 4.61 0.02

Cairo – Mubasher: The extraordinary general meeting (EGM) of Pioneers Holding Company for Financial Investment has approved to split the company into three separate companies.

The companies will be specialised in the financial services, real estate and contracting, and industrial sectors, according to the company's disclosure to the Egyptian Exchange (EGX) on Wednesday.

The EGM has also agreed on authorising the board to set and approve the financial position necessary for the transaction.

During the meeting, the board's chairman or whoever he delegates was authorised to proceed with the division measures at the Financial Supervisory Authority and the General Authority for Investment and Free Zones (GAFI).

It is noteworthy to mention that during the first nine months of 2020, the company reported net profits of EGP 867.12 million, down by 29.6% year-on-year (YoY) from EGP 1.23 billion, including minority shareholders’ rights.