Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Pioneers Holding Company to proceed with the restructuring procedures. 

The disclosure form includes the board of directors' approval to call for an extraordinary general meeting (EGM) to approve the horizontal demerger and the establishment of two new companies with the same shareholders of Pioneers, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.

During the first quarter (Q1) of 2021, Pioneers Holding Company recorded net profits of EGP 299.66 million, compared to EGP 271.27 million in Q1-20, including minority shareholders' rights.