Cairo – Mubasher: Abdulkader Al Muhaidib and Sons Co raised its stake in Pioneers Holding Company for Financial Investment to 14.38% from 0.39%.
The transaction involved the purchase of 147.5 million shares for EGP 590 million, averaging EGP 4 apiece, Pioneers Holding said in a bourse disclosure on Tuesday.
In a separate statement, the company said that Al Muhaidib Holding Company sold its entire stake of 13.98% in Pioneers Holding. The deal included the sale of 147.5 million shares for EGP 590 million.
During the first nine months of 2020, Pioneers Holding Company reported net profits of EGP 867.12 million, down from EGP 1.23 billion in the year-ago period, including minority shareholders’ rights.
