Pioneers Holding is now Aspire
Pioneers Holding is now Aspire Capital Holding: The EGX Listing Committee approved yesterday Pioneer Holding’s rebranding to Aspire Capital Holding, the company said in a statement (pdf). The move follows Pioneer splitting into two arms: A real estate investment arm now called Pioneers Properties and Gadwa Industrial Development, which will house its manufacturing investments. The parent company will remain the financial services arm. Shares in both subsidiaries started trading on the EGX30 yesterday, according to separate statements here and here (pdfs).
What the subsidiaries look like post-demerger: Hit the links for the rundown on each company’s authorized and issued capital as well as share structure post-transaction.
How the market digested the news: Aspire Capital saw its stock price surge 98.1% in yesterday’s trading to EGP 0.42, while Pioneers Properties fell 18.1% to EGP 3.27 and Gadwa fell 2.8% to EGP 1.66.
Management: Waleed Zaki, Aspire’s chairman, is now the managing director and chairman of Pioneers Properties and non-executive chairman of Gadwa, Zaki told Al Mal. Both companies’ boards have also been formed, Zaki said.
Background: The demerger has been in the works since 2019, when Pioneers Holding announced its plans to restructure and split into three companies. The company’s shareholders approved plans to split the firm last July. The company hopes the move will create value for shareholders by making its various activities more easily understood by investors.