Following the extraordinary general assembly’s meeting, Pioneers Holding (PIOH) submitted a request to the FRA to register the two divided companies resulting from the division of PIOH into three companies on the EGX.
Who is affected🤷: The division would mean the establishment of a first divided company under the name “Pioneers Properties for Urban Development”, which includes under its umbrella ten companies specialized in contracting and real estate activity, including El Kahera Housing and Development (ELKA). As for the second divided company with the name “Gadwa for Industrial Development”, it includes under its umbrella eight companies specialized in industrial activity, among them the Arab Company for Dairy Products (ADPC).
Why is this important🤔: Pioneers Properties for Urban Development has paid-up capital of EGP 4.74 billion distributed over 1.05 billion shares at a nominal value of EGP 4.5 apiece, while Gadwa Industrial Development has paid-up capital of EGP 2.00 billion distributed over 1.05 billion shares at a nominal value of EGP 1.9 apiece. The company expects the division process to contribute to reviving trading in its shares by attracting new segments of investors with diversified investment interests, whether in the financial, real estate, or industrial sector.
