By: Mustafa Adel
Cairo – Mubasher: Pioneers Holding Company for Financial Investment plans to pump EGP 1.7 billion ($191.5 million) investments during 2016, CEO Waleed Zaki said.
In an interview with Mubasher on Sunday, Zaki noted that his company pumped investments worth EGP 3.6 billion ($405.5 million) over the past three years in the real estate, industrial, construction and food sectors.
“Pioneers' future plan is to establish subsidiaries to enhance opportunities in sectors where it operates,” Zaki added.
The CEO explained that Pioneers includes 57 companies under its umbrella, of which 11 are listed on the Egyptian Exchange (EGX).
“Pioneers is now considering a number of acquisition deals on some companies and increasing the capital of some of its units inside Egypt,” Zaki said, noting that there are no current plans to expand abroad.
Zaki said that Pioneers reached an agreement with PricewaterhouseCoopers (PwC) to act as a financial advisor for the company, and appointed Baker and McKenzie as a legal advisor.
In March 2015, Pioneers acquired 60% of Roaya Group for EGP 1.2 million, and revealed plans to launch an initial public offering (IPO) worth EGP 1 billion.
“We are seeking to list Roaya in 2016 after finishing legal procedures,” Zaki said.
The top official revealed that Pioneers is now mulling plans to launch direct investment funds as part of a new package of products planned to be provided in 2016-2017, which aim at supporting the company’s development plan.
The CEO said that his company is now completing the final procedures of increasing its capital by EGP 708 million to EGP 3.5 billion from EGP 2.8 billion.
Pioneers operates in Egypt, UAE, Saudi Arabia, Syria and Bahrain.
Translated by: Elwy el-Manzalawy
