Pioneers’ 2nd phase oversubscribed 2.56 times

CAIRO – 23 October 2018: Pioneers Holding Company for Financial Investment announced Tuesday, Oct. 23 that the second phase of raising its issued capital was oversubscribed by 2.56 times.

The company clarified in a filing to the Egyptian Exchange (EGX) that the subscription was on 11.4 million shares, with 39 percent as stock allotment.

The company stated earlier that the remaining shares to be subscribed in the second phase recorded 4.46 million shares.

The first phase of raising its issued capital was oversubscribed by 98 percent, totaled by LE 1.07 billion, distributed over 211.65 million shares.

The price per share during the first phase hit LE 5.10, adding that the full amount was paid in cash.

Pioneers' capital raise oversubscribed by 98%

CAIRO - 15 October 2018: Pioneers Holding Company for Financial Investment announced Monday, Oct. 15 that the first phase of raising its issued capital was oversubscribed by 98 percent, totaled by LE 1.07 billion, distributed over 211.65 million shares. Subscriptions to the capital raise started on September 5, and closed on October 11, according to the company's statement.

In June, the extraordinary general assembly approved to raise the company's issued and paid-up capital to LE 4.68 billion from LE 3.6 billion, and agreed to increase its capital of LE 1.08 billion to be distributed over 216.1 million shares at a nominal value of LE 5 per share.

The board of Pioneers Holding approved in April to invest LE 2.9 billion in a year.

Pioneers marked a gross of 5.3 percent in its annual profits to reach LE 1.14 billion ($64.70 million) before minority, compared to LE 1.08 billion in 2016. Pioneers Holding is a public company, listed on the Egyptian Exchange (EGX) since June 2008.

It operates within the diversified financial sector focusing on investment banking and brokerage, with a capital of LE 3.6 billion, distributed over 708.4 million shares at a par value of LE 5 per share.

It has 34 subsidiaries operating across North America, North Africa and Middle East. Pioneers Holding is based in Cairo, Egypt and was established in March 2007.