ArabFinance: Pioneers Holding (PIOH) has submitted a request to the Financial Regulatory Authority (FRA) to register the two demerged companies resulted from the company’s demerger to three entities, according to a statement filed to the Egyptian Exchange (EGX).

This move will pave the way for the demerged companies, namely Pioneers Properties for Urban Development and Gadwa for Industrial Development, to be listed on the EGX, the statement added.

Moreover, Pioneers has submitted another request to the FRA to transfer investment ownership of the demerger from the demerging company Pioneers Holding for Financial Investments (Aspire) to the demerged companies.

Pioneers Properties has authorized capital of EGP 23 billion and issued and paid-up capital of EGP 4.74 billion distributed over 1.054 billion shares at a par value of EGP 4.5 per share.

Meanwhile, Gadwa has authorized capital of EGP 10 billion and issued and paid-up capital of EGP 2.004 billion distributed over 1.054 billion shares at a par value of EGP 1.90 per share.

Pioneers Holding operates in the financial services and securities brokerage sector. The company 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.