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Wednesday, 23 October 2019

Pioneers Holding hires Fincorp to prepare a fair value study for its shares and five subsidiaries

M&A WATCH- Pioneers Holding hires Fincorp to prepare a FV for its five-way MTO: Pioneers Holding has hired Fincorp to prepare a fair value study for its shares and five of its subsidiaries as a prelude to acquiring new stakes in them, the company said in a disclosure to the Egyptian Exchange (pdf). Pioneers Holdings’ board of directors had agreed to make non-cash mandatory tender offers to increase its share to 90% in five of its EGX-listed subsidiaries. The company plans to restructure into three companies: one in financial services, the other in real estate, and another in the industrial sector after completing transactions. The company has hired UHY United as a financial advisor and Baker McKenzie as legal advisor for the potential transcation. CEO Walid Zaki had said that the company intends to complete the process by the end of the year.

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