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Wednesday, 2 October 2019

Pioneers Holding to make five MTOs, split into three companies

Pioneers to make five MTOs: Pioneers Holdings’ board of directors has agreed to make non-cash mandatory tender offers to increase its share to 90% in five of its EGX-listed subsidiaries, Youm7 reported. Pioneers has yet to acquire approval from the regulator to make the MTOs, which would be executed via share swap, a relatively new mechanism in Egypt. The company will hire an independent financial advisor to decide on fair share values and identify shares of the targeted companies.

Pioneers to split into three companies: The company plans to restructure into three companies, one each focused on financial services, real estate, and the industrial sector after completing transactions. The company has hired UHY United as a financial advisor and Baker McKenzie as legal advisor to begin its studies. CEO Walid Zaki told Reuters that the company intends to complete the process by the end of the year.

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