Cairo – Mubasher: The board of Pioneers Holding Company for Financial Investment recommended converting up to 33.33% of capital into global depositary receipts (GDRs), according to a bourse filing on Wednesday.
The company operates with EGP 2.8 billion, distributed over 566.7 million shares at EGP 5 each.
In the first quarter of 2016, the company’s earnings leapt 47% year-over-year to EGP 354.5 million ($39.8 million) from EGP 241.4 million ($27 million).
In Egypt, there are 14 listed companies issuing GDRs, including CIB, EFG-Hermes, Telecom Egypt, and OTMT.
