Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.