Cairo – Mubasher: The Financial Supervisory Authority agreed to extend the deadline for submitting a company bid offer Pioneers Holding for Financial Investments To raise its percentage and related groups up to 90 percent in 5 subsidiary companies listed on the Egyptian Stock Exchange.
The oversight said in a statement to the Egyptian Stock Exchange on Sunday that because the financial advisor had not completed studies of the fair values of these companies due to the large volume of work assigned to them, there is no objection to extending the deadline for submitting the bid file for a period of 10 days.
The Pioneers Board of Directors decided last October to submit offers to exchange shares without the cash option to raise the percentage of the company and its related group up to 90% of the capital of the following companies.Giza General Contracting, United Housing and Development, Upper Egypt Contracting, Cairo Housing and Development , Egyptian electric cables, With the shares of these targeted companies still listed on the Stock Exchange.
Pioneers Holding said, last week, that the financial advisor is about to complete the preparation of fair value studies for the company and its subsidiaries, indicating that he is preparing studies to evaluate 6 companies listed on the Egyptian Stock Exchange that invest more than 55 subsidiary and sister companies.
It is noteworthy that Pioneers commissioned Fincorp Financial Advisors to prepare a study of the fair value of the company’s shares and the companies targeted with the purchase offers.
Earlier, CEO of Pioneers Holding Company for Financial Investments, Walid Zaki, told Mubasher that the Board of Directors decided to divide the company into three companies, pointing out that the company’s investment committee recommended increasing the investment rates in some of the listed subsidiary companies to 90% of Its capital.
He explained that the companies aiming to reach the percentage of owning 90% of the shares of its capital, are Giza General Contracting, which we have with a group linked to a share in about 44.59 percent, and the target is to acquire an additional stake of 45.41 percent, we own about 38.16 percent in the shares of the United Capital for Housing and target The acquisition of an additional 55.74 percent stake.
“We also own 34.26 percent of the shares in the general capital of Contracting and Real Estate Investment, and aim to acquire an additional share of 52.32 percent.”
He continued: “Pioneers Holding for Financial Investments with its associated group owns about 80.58 percent in the shares of the Cairo Housing and Development Capital, and aims to acquire an additional stake for about 9.42 percent. It also owns a share in the shares of the Egyptian electric cables capital by about 68.15 percent and aims to acquire an additional stake for 21.85 percent. “.
It is noteworthy that the company achieved profits amounting to 1.23 billion pounds during the period from January to September 2019, compared to profits amounting to 821.6 million pounds during the comparative period of 2018, taking into account minority rights.
Revenues from activities increased to 8.6 billion pounds, compared to 5.6 billion pounds in the comparative period of 2018.
On a quarterly basis, the company achieved profits of 136.9 million pounds during the third quarter of this year, compared to profits of 180.5 million pounds in the comparative quarter of 2018.
On the independent business level, the company achieved losses of 120.9 million pounds during the first nine months of the year, compared to profits of 9.8 million pounds in the comparative period of last year.
Nominations:
Pioneers explains the developments in the acquisition of additional stakes in subsidiaries
Revenue growth raises Pioneers Holding’s profits 50% in 9 months
Pioneers Holding reduces its share in United Housing Capital to 16.6% (Aaddrak)
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