Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved a request to reduce the authorised capital of Pioneers Holding Company for Financial Investment to EGP 1 billion from EGP 10 billion.

The committee also agreed on cutting the company’s issued capital to EGP 210.96 million from EGP 5.27 billion through slashing the share's nominal value to EGP 0.20 from EGP 5, while keeping the number of shares at 1.054 billion shares, the EGX said in a statement on Sunday. 

These decisions come as part of the horizontal demerger of Pioneers Holding into a demerging company and two resulting companies.

The listing committee also approved changing the company's name to Aspire Capital Holding for Financial Investments. The company’s adjusted data will be recorded on the EGX’s database as of Monday, 11 October, under the ticker symbol of ASPI.CA. 

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.