FILE – Pioneers
CAIRO – 27 October 2019: Pioneers Holding Company for Financial Investments announced its first investment in the pharmaceutical sector through the establishment of ALNOUR PHARMA Company.
The company said in a statement to the Egyptian Stock Exchange, Sunday, that the new company'sactivities are based on the distribution and manufacture of medicines, pointing out that it owns about 60 percent of the new company and that about 40 percent is owned by a group of distinguished expertise in the field of pharmaceuticals.
According to the statement, the company was established with an initial capital of LE 1 million and an expected investment of LE 1 billion.
Pioneers, in cooperation with the other shareholders of the new company, plans to invest more in the company to finance the upcoming acquisitions of investment opportunities in the sector,currently studied by the companyas part of the strategic plan.
In September 2018, Chairman of Pioneers Holding for Financial Investments said that his group will use the proceeds of the IPO in the coming period to seize investment opportunities in various sectors and enter into new investments.
Pioneers Holding recorded a 70.7 percent increase inits consolidated profits during the first half of 2019, reaching LE .09 billion, compared to LE 641.1 million during the same period of 2018.
Pioneers Holding operates within the diversified financial sector, focusing on investment banking and brokerage. It has subsidiaries operating across North America, Northern Africa and the Middle East.
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