Pioneers Holding raises its capital to EGP5.2bln after a stock-swap transaction

Pioneers Holding Company for Financial Investment decided to raise the capital to 5.2 billion Egyptian pounds, divided on 118.3 million shares at a nominal value of 5 pounds apiece as well as a bonus issuance of 3.66 pounds a share, totalling 433 million pounds to be allocated as statutory reserve.

The company announced that its chairman and managing director Walid Mohamed Zaki Ibrahim and his five minor children reduced their stake from 24 percent to 11.37 percent as art of a stock-swap transactions .

The chairman sold about 54.78 million shares, while his five minor children sold 63.5 million shares at a combined value of 1 billion pounds, averaging 8.66 per share.