Cairo – Mubasher: Pioneers Holding Company for Financial Investment has appointed Fincorp to conduct the fair value estimation of the company and the other subsidiaries offered for sale.
The subsidiary companies include Giza General Contracting and Real Estate Investment Co, United Company for Housing and Development, Elsaeed Contracting and Real Estate Investment Company, El Kahera Housing, Electro Cable Co – Egypt, and Arab Real Estate Investment, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Previously, the board of directors of Pioneers Holding decided to split the company into three separate firms and make non-cash mandatory tender offers (MTO) to raise its stakes in some of its listed subsidiaries to 90% through share swap, the company’s CEO Waleed Zaki said in an interview with Mubasher.
It is noteworthy that the company’s capital stands at EGP 4.6 billion, distributed over 936.4 million shares, at a nominal value of EGP 5 per share.
