Cairo – Mubasher: Pioneers Holding Company for Financial Investment has submitted a request to the Egyptian Exchange (EGX) to halt trading on the company’s shares as of 5 October to allow the company to list its spin-off firms, according to a statement on Tuesday.  

The company requested that trading on the shares would remain suspended for three successive sessions or until the listing committee approves listing the company’s capital reduction and amended name as well as listing the shares of the two spin-off firms, namely Pioneers Properties for Urban Development and Gadwa Industrial Development, on the Egyptian bourse.

The company will be renamed Aspire Capital Holding for Financial Investments. 

This move follows the Financial Regulatory Authority's (FRA) approval on the registration of Pioneers Properties for Urban Development and Gadwa Industrial Development.  

In the first half (H1) of 2021, Pioneers Holding achieved consolidated net profits of EGP 522.84 million, down from EGP 800.9 million in H1-20, including minority shareholders' rights.