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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.

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