FRA approves Pioneers Holding procedures regarding division and restructuring

Cairo – Mubasher: The Egyptian Financial Supervisory Authority has agreed to publish the disclosure report of Pioneers Holding Company for Financial Investments, regarding the division of the company and proceeding with the restructuring procedures.

The Financial Supervisory Authority clarified in a statement to the Egyptian Stock Exchange, today, Sunday, that the disclosure report of “Pioneers Holding” regarding the company’s board of directors’ decision to approve the invitation of the extraordinary assembly to consider approving the division based on the detailed division project and proceeding with the restructuring procedures by horizontal division and the establishment of two new divided companies The same shareholders of Pioneers Holding.

During the first quarter of 2021, Pioneers Holding Company for Financial Investments achieved profits of 299.66 million pounds, compared to profits of 271.27 million pounds in the comparative period of 2020, taking into account minority rights.

Revenues from the company’s activities rose during the period to 2.04 billion pounds, compared to 1.7 billion pounds in the comparable period last year.

At the level of independent businesses, the company’s profits amounted to 4.13 million pounds, compared to profits of 118.4 million pounds in the first quarter of last year.

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