Pioneers Holding starts acquiring 90 percent of 5 subsidiaries

Pioneers Holding Company for Financial Investment  will start acquiring 90 percent  of five of its subsidiaries through stock swap transactions, which is considered the first of its kind transaction in MENA.

The offer includes the acquisition of shares of Giza General Contracting and Real Estate Investment, United Company for Housing and Development, Elsaeed Contracting and Real Estate Investment, El Kahera Housing, and Electro Cable Co, according to a bourse disclosure on Sunday.

In March, Pioneers Holding Company’s board of directors approved the fair value studies of five of its subsidiaries to raise its stakes in these five companies to 90 percent.

It is noteworthy to mention that in 2019, the company logged  1.35 billion Egyptian pounds in net profits, compared to 1.22 billion Egyptian pounds in 2018.