(2014-07-13) Pioneers BOD approves Rooya acquisition
Pioneers Holding (PIOH) Board of Directors (BOD) approved in its meeting the Fair Value (FV) study conducted by an independent financial advisor for Pioneers and real estate company Rooya Group shares. The Financial advisors evaluated Pioneers Holding FV at LE 17.63 per share. The BOD approved the deal cost which will be LE 1,226,361,750, in which LE 50 million will be paid cash, while the rest of the deal value will be issued as a capital hike for the Rooya group shareholders based on the FV of the company distributed on 6,675,000 million shares with a LE 5 par value and after obtaining the approval of the company's Ordinary General Meeting (OGM). The BOD agreed to continue the procedure of inviting an Extraordinary General Meeting (OGM) to obtain its approval on the FV study, to increase the company's capital and amend articles 6, 7 of incorporation. Pioneers specialises in brokerage services, offers market research and investment banking for retail and institutional clients but also has investment arms in real estate, industry and financial services. Rooya's sales reached 900 million pounds in 2013, a target it aims to almost double this year. Pioneers is considering floating Rooya on Cairo's stock exchange once it has acquired the 60 percent stake.