The board of directors of Pioneers Holding Company for Financial Investment decided to split the company into three separate companies, the company’s CEO Waleed Zaki said in an interview with Mubasher.
The company will be restructured into three companies to be operating in financial services, real estate, and industrial sectors, Zaki added.
The financial services group hired UHY United as a financial advisor and Baker McKenzie as legal advisor on the transaction, Zaki added on a the sidelines of a meeting on Tuesday, noting thet the process is expected to be complete by the end of 2019.
In addition, the CEO revealed that the company will make non-cash mandatory tender offers (MTO) to increase its stakes in five of its listed subsidiaries to 90% through share swap.
Pioneers Holding Company plans to acquire additional stakes of 45.41% in Giza General Contracting and Real Estate Investment Co, 55.74% in United Company for Housing and Development, 52.32% in Elsaeed Contracting and Real Estate Investment Company, 9.42% in El Kahera Housing, and 21.85% in in Electro Cable Co – Egypt, Zaki told Mubasher.