Pioneers Holding Company for Financial Investment
As per standalone results, the company hit profits of LE 3.35 million in 2018, compared to LE 5.73 billion in the prior year, with a decrease of 41.42 percent.
Pioneers Holding Company and its subsidiaries own 48.5 percent of Egyptian Electric Cables, which will rise to 68 percent after the compulsory purchase is completed.
Pioneers’ financial indicators showed that the company’s revenues recorded LE 8.4 billion, compared to LE 8.23 billion in 2017.
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.
Subscriptions to the capital raise started on September 5, and closed on October 11, according to the company’s statement.
The investment plan will be financed through divestments of LE 1.8 billion and by increasing the company’s capital by LE 1.1 billion.
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