Pioneers Holding Company has completed a share-based swap of subsidiary stakes in five of its listed entities.
In exchange for the company offering its shares in the subsidiaries, the subsidiary shareholders have issued 118,320,166 new shares in Pioneers Holding, amounting to 11.2% equity ownership.
The newly issued shares are expected to become tradable within a few weeks, following the completion of regulatory procedures.
Accordingly, Pioneers Holding’s Board of Directors has approved a raise in the company’s issued capital, from EGP 4.68bn to EGP 5.27bn.
Pioneers Holding currently owns 50.9% in Upper Egypt Contracting, 78.5% in Electro Cables, 90% in Cairo for Housing, 73.2% in Giza General Contracting, and 50.3% in United for Housing.
With the virtual completion of the swap, Pioneers Holding’s Board of Directors will meet shortly to discuss the legal procedures for splitting the company into three separately listed entities. This split will cover real estate, industrial, and financial services. The process is expected to be completed in about 90 days.