Cairo – Mubasher: Pioneers Holding Company for Financial Investment’s board has approved an EGP 2.9 billion investment plan in a year.
The company will finance the plan through EGP 1.8 billion divestments, Pioneers Holding said in a filing to the Egyptian Exchange (EGX) on Thursday.
Divestments will include a partial exit from its subsidiary Rooya Holding, in addition to other full or partial exits in other investments, the company added.
The plan will be also financed through raising the company’s capital by EGP 1.1 billion after obtaining approvals of the general meeting and the regulatory authorities over the coming period, the company noted.
The EGX-listed firm indicated it has several good investment opportunities in different sectors.
The board had previously approved a 30% capital increase to EGP 4.68 billion from EGP 3.6 billion.
Pioneers Holding’s capital amounts to EGP 3.6 billion distributed over 708.4 million shares at a par value of EGP 5 per share.
