ArabFinance: Pioneers Holding (PIOH) is planning to exit from one of its industrial entities over the coming period, particularly before it starts manufacturing drugs through its subsidiary Al Nour Pharma, chairman of Pioneers Holding Walid Zaki told Al Mal Newspaper.

It is worth noting that Pioneers Holding is working on its demerger to three entities.

As per the demerger, the demerging company’s name shall be changed to Aspire Capital Holding for Financial Investments, and Pioneers Properties for Urban Development and Gadwa for Industrial Development are established with EGP 4.7 billion and EGP 2 billion in capital, respectively.

Aspire Capital Holding plans to enter the microfinance field through the establishment of a new company under the name of “Kheir”, Zaki highlighted.

The company also aims at setting up a new company to operate in the mortgage finance field, he added.

Moreover, Aspire Capital intends to issue a securitization program for its real estate portfolio, targeting to launch its first phase at a value of EGP 700 million prior to the end of 2021 as part of an EGP 3 billion financing agreement signed with one of the institutions, he said.

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.