Pioneers’ subsidiary to complete listing requirements in EGX

CAIRO – 6 May 2018: Pioneers Holding Company for Financial Investment SAE (PIOH) said that its subsidiary, Rooya Holding, is still working on completing the Egyptian Exchange’s (EGX) listing requirements in accordance with the recent amendments of the Financial Supervisory Authority.

Pioneers clarified in a filing to EGX that these modifications are to combine the request for registration with the fair value’s study and the offering memorandum.

It added that Rooya’s offering comes in line with the schedule of the company’s investment plan to achieve the greatest outcome for the company’s contributors.

In 2016, Pioneers allocated 60 percent of Rooya Holding’s shares for LE 1.23 billion; it targets to float 40 percent of Rooya Holding in EGX during the first half of 2018
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.