Back to the complete issue
Wednesday, 15 January 2020

Pioneers Holding submits MTO for five subsidiaries

M&A WATCH- Pioneers Holding submits MTO for five of its subsidiaries: Pioneers Holding has submitted its mandatory tender offer (MTO) for a 90% stake in five of its subsidiaries, according to a Financial Regulatory Authority (FRA) statement to the EGX (pdf).

The subsidiaries are El Giza General Co. For Contracting & Real Estate, El Motaheda For Housing & Reconstruction, El Saeed For Contracting & Real Estate Investment, Cairo Housing and Development, and Electro Cable Egypt. The statement did not disclose the company’s fair value assessment.

Background: Pioneers’ MTO deadline was initially pushed back by the FRA late December 2019 while Fincorp was working on the fair value assessment and the agreement to make non-cash mandatory tender offers was reached in October by the company’s board.

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; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.