Cairo - Mubasher: The extraordinary general meeting (EGM) of Pioneers Holding Company for Financial Investment approved a proposal to split the company into three entities.
Pioneers Holding will focus on financial services, while the two new entities Pioneers Properties and Gadwa Industrial Development will focus on real estate and industry, respectively, the company said in a bourse disclosure on Sunday.
The horizontal demerger will be conducted as per the financial statements for the year ended 31 December 2020.
The issued and authorised capital of Pioneers Holding, which will be renamed Aspire Capital Holding for Financial Investment, will be reduced.
The two spin-off companies will be listed on the Egyptian Exchange (EGX) following the demerger.
During the first quarter (Q1) of 2021, Pioneers Holding Company recorded net profits of EGP 299.66 million, compared to EGP 271.27 million in Q1-20, including minority shareholders' rights.
