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Monday, 29 June 2020

Pioneers Holding to split into three new companies, list on EGX in 4Q2020

IPO WATCH- Pioneers Holding to split into three new companies, list them on the EGX in 4Q2020: Pioneers Holding plans to split into three separate arms, one each focused on financial services, real estate, and industry, it announced in a statement (pdf). This will mean that Pioneers will be spinning three subsidiaries off onto the EGX under three separate tickers in 4Q2020 in a first-of-its-kind move in Egypt. The restructuring, which the company announced in October, aims to help expand into new businesses while improving its focus on core activities, the statement said. The company has recently completed an MTO in a bid to cobble together larger positions in five of its EGX-listed subsidiaries — which wrapped up earlier this month — before moving ahead with the restructuring.

Advisors: UHY United is acting as Pioneers’ financial advisor and Baker McKenzie is providing legal advice.

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