Cairo – Mubasher: Pioneers Holding Company for Financial Investment has offloaded stakes in its subsidiaries to its two spin-off firms as part of the horizontal spin-off process, according to separate bourse disclosures on Wednesday.
Gadwa Industrial Development acquired a 26.1% stake or 930.094 million shares in Electro Cable Co. for EGP 533.874 million, averaging EGP 0.57 per share, and 45.73% or 352.149 million shares of Universal for Paper and Packaging Materials (Unipack) for EGP 235.23 million or EGP 0.668 a share.
In addition, Gadwa acquired 39.89% or 63.821 million shares in Arab Dairy Products Co. (Panda) for EGP 735.864 million or EGP 11.53 per share.
Meanwhile, Pioneers Properties for Urban Development acquired 76.45% or 68.822 million shares in El Kahera Housing for EGP 1.085 billion, averaging EGP 15.77 per share, and 59.69% or 874.114 million shares of Giza General Contracting and Real Estate Investment Company for EGP 440.553 million or EGP 0.504 a share.
Additionally, Pioneers Properties acquired 33.41% or 91.69 million shares in United Company for Housing and Development for EGP 433.735 million or EGP 4.73 per share and 16.57% or 126.248 million shares of Elsaeed Contracting and Real Estate Investment Company for EGP 106.30 million or EGP 0.84 per share.
