Cairo – Mubasher: Shareholders of Pioneers Holding Company for Financial Investment gave the green light to raising the company’s paid-in and issued capital through distributing 1-for-4 bonus shares, a bourse filing indicated.
By adding EGP708.4 million distributed over EGP141.6 million shares at EGP5 each, the company will operate with EGP3.5 billion instead of EGP2.8 billion.
The top-up will be financed from the legal reserve registered in FY15 financial statements.
In this context, the extraordinary general meeting approved amending articles no. 6 and 7 of the memorandum.
On 3 April, the ordinary meeting approved B o D report for the fiscal year 2015 in which bonus share distribution was recommended.
In 2015, the company’s net profit jumped 73% year-over-year to EGP802.35 million from EGP463.49 million.
