Pioneers’ Holding nods capital top-up

Egypt-based Pioneers Holding Company for Financial Investment’s ordinary general assembly gave the green light to increasing the company’s paid-in and issued capital from 2.8 billion Egyptian pounds to 3.5 billion pounds.

The capital hike is distributed over 141 million shares at nominal value of 5 pounds per share, through allocating 1-for-4 bonus shares.

The top-up will be financed from the legal reserve registered in FY15 financial statements.

Accordingly, the extraordinary general meeting approved amending articles no. 6 and 7 of the memorandum.

In 2015, the company’s net profit jumped 73% year-over-year to 802.35 million pounds from 463.49 million pounds.