EGX approves capital cut, name change for Pioneers Holding
Updated 10/10/2021 2:34:00 PM
ArabFinance: The Egyptian Exchange’s (EGX) listing committee has approved capital cut for Pioneers Holding (PIOH), according to a statement.
The committee agreed on cutting the company’s authorized capital to EGP 10 billion from EGP 1 billion.
Moreover, the committee approved decreasing the company’s issued capital to EGP 210.96 million from EGP 5.27 billion through reducing the nominal value of the stock to EGP 0.20, instead of EGP 5, while maintaining the number of shares at 1.054 billion shares.
These decisions come as results of the horizontal demerger of Pioneers Holding into a demerging company and two demerged companies.
The EGX’s listing committee also decided to list the amendment of Pioneers Holding’s name to become Aspire Capital Holding for Financial Investments as per Article 2 of the company’s Articles of Association.
The company’s adjusted data will be registered on the EGX’s database as of Monday, October 11th, 2021, with the ticker symbol to be modified to (ASPI.CA).
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.
