Pioneers Holding offers a mandatory tender offer to 5 companies

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Cairo – Mubasher: A company Pioneers Holding for Financial Investments Filing a compulsory purchase offer project with the Financial Supervisory Authority by exchanging shares without the cash option to raise its percentage and its related group up to 90% of the capital of 5 subsidiaries.

The Authority said in a statement to the Egyptian Stock Exchange today, Tuesday, that the companies targeted for the offer are Giza General Contracting and Real Estate Investment, United Housing and Development, Upper Egypt Contracting, and Cairo Housing and Development, and electric cables, with the continued registration of their shares on the stock exchange, and the study is being studied and fair value studies for these companies.

Was adopted Pioneers Holding Company for Financial Investments, Board of Directors, fair value studies for 5 subsidiaries Listed on the Egyptian Stock Exchange, which seeks to raise the percentage and groups linked to these companies to 90 percent.

The Pioneers board of directors decided last October to submit offers to exchange shares without the cash option to raise the percentage of the company and its related group up to 90% of the capital of the following companies “Giza General Contracting, United Housing and Development, Upper Egypt Contracting, Cairo Housing and Development, Egyptian electric cables , With the shares of these targeted companies still listed on the Stock Exchange.

Earlier, CEO of Pioneers Holding Company for Financial Investments, Walid Zaki, told Mubasher that the Board of Directors decided to divide the company into three companies, pointing out that the company’s investment committee recommended increasing the investment rates in some of the listed subsidiary companies to 90% of Its capital.

He explained that the companies aiming to reach the percentage of owning 90% of the shares of its capital, are Giza General Contracting, which we have with a group linked to a share in about 44.59 percent, and the target is to acquire an additional stake of 45.41 percent, we have about 38.16 Percentage of United Housing Capital, which aims to acquire an additional stake of 55.74%.

“We also own 34.26 percent of the shares in the general capital for Contracting and Real Estate Investment, and aim to acquire an additional share of 52.32 percent,” he added..

He continued: “Pioneers Holding for Financial Investments with its associated group owns about 80.58 percent in the shares of the Cairo Housing and Development Capital, and aims to acquire an additional stake for about 9.42 percent. It also owns a share in the shares of the Egyptian electric cables capital by about 68.15 percent and aims to acquire an additional stake for 21.85 percent.“.

It is noteworthy that the company achieved profits amounting to 1.23 billion pounds during the period from January to September 2019, compared to profits amounting to 821.6 million pounds during the comparative period of 2018, taking into account minority rights.

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