Cairo – Mubasher: Pioneers Holding said its extraordinary general meeting gave go ahead to reducing its issued capital by EGP 15.166 million from EGP 3.542 billion to EGP 3.526 billion.
The capital cut will be effected through cancelling 3.033 million treasury stocks at EGP 5 par value each, which remained from a previous employee’s incentives program that ended in 22 December 2012.
Following the capital cut, Pioneers will raise its issued capital by EGP 75 million distributed across 15 million shares at EGP 5 par value each.
The capital increase will be effected through issuing bonus shares that will be allocated to the company’s employee’s incentives program.
The company’s capital will increase from EGP 3.526 billion to EGP 3.601 billion.
