ArabFinance:  The Egyptian Exchange (EGX) executed the swap of Pioneers Holding’s (PIOH) shares with five of its listed subsidiary companies, according to a disclosure released on June 17th.

Under the transaction, the holding company aims to increase its stake to 90% in the five subsidiaries.

Pioneers swapped its 118,320,166 shares with 83,924,899 of Giza General Contracting and Real Estate Investment Company at a swap rate of 1:4.150, 126,248,350 of El Saeed Contracting and Real Est Investment Company at 1:7.444, and 73,383,631 of Electro Cable Egypt at 1:2.783.

The transaction also included also swapping Pioneers' shares with 8,480,217 of Cairo Housing and Development at a swap rate of 1:0.303 and 34,307,174 of United Company for Housing and Development at 1:1.281.

The company started purchasing treasury stocks without exceeding 10% of the total floated shares to support the share price in the market.

Pioneers is a public shareholding company that operates in the financial services and securities brokerage sector. It is engaged in the provision of comprehensive financial services for both retail and institutional investors, including brokerage services covering public and private sectors in restructuring, mergers, issuing of equity and debt capital, and market research.