Cairo – Mubasher: Aspire Capital Holding for Financial Investments, formerly known as Pioneers Holding Company for Financial Investment, announced the completion of the establishment of a micro-finance company. 

The new firm will have an issued capital of EGP 120 million and a paid-up capital of EGP 30 million, the company said in a bourse disclosure on Monday. 

It will start its operations upon the issuance of the required licences from the Financial Regulatory Authority (FRA). 

Previously, 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 and the issued capital to EGP 210.96 million from EGP 5.27 billion. 

It also approved changing the company's name to Aspire Capital Holding for Financial Investments.

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