Cairo – The listing committee of the Egyptian Exchange (EGX) decided to list the shares of Pioneers Properties for Urban Development and Gadwa for Industrial Development, the two resulting firms of the demerger process of Pioneers Holding Company for Financial Investment, according to separate statements on Sunday.

Pioneers Properties for Urban Development will be listed with an authorised capital of EGP 23 billion and issued capital of EGP 4.74 billion distributed over 1.054 billion shares at a nominal value of EGP 4.5 apiece, the EGX said.

The shares of Pioneers Properties will be listed on the EGX’s database as of Monday, 11 October.

Moreover, the committee approved listing the shares of Gadwa for Industrial Development with an authorised capital of EGP 10 billion and issued capital of EGP 2.004 billion distributed over 1.054 billion shares at a nominal value of EGP 1.90 a share.

The shares of Gadwa will be listed on the EGX’s database as of Monday, 11 October.

These decisions come as part of the horizontal demerger of Pioneers Holding into a demerging company and two resulting companies.

It is noteworthy to mention that the EGX’s listing committee approved a decision to reduce the capital of Pioneers Holding and list its new name, Aspire Capital Holding for Financial Investments, under the ticker symbol of ASPI.CA.

Source: Mubasher

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