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.

The company clarified in a filing to the Egyptian Exchange (EGX) that the price per share hit LE 5.10, adding that the full amount was paid in cash.

It added that the remaining shares to increase its capital will be opened for subscription for shareholders who have the right to subscribe during the second phase.
The remaining shares reach 4.46 million shares.

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.