April 18, 2018 / 7:53 AM / a year ago

UPDATE 1-Egypt's Pioneers Holding to increase capital by 30 pct -CEO

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CAIRO, April 18 (Reuters) - Pioneers Holding, one of Egypt’s largest financial services firms, aims to increase its capital by 30 percent or 1.08 billion Egyptian pounds ($61.23 million), CEO Walid Zaki said on Wednesday.

The company’s capital is currently 3.6 billion Egyptian pounds ($204 million) and is distributed over 708.4 million shares at a nominal value of five pounds per share.

The company’s shares trade on the Egyptian stock exchange market at about 11 pounds.

Zaki said the newly issued shares to raise capital will be sold to existing shareholders at 5 pounds per share.

“It is the right time to pump more liquidity in either new investments or expanding existing investments,” Zaki said.

Egypt has embarked on a raft of economic reforms to lure back investment after a popular uprising in 2011 drove away tourists and foreign investors, important sources of hard currency.

Pioneers provides financial services and invests in the real estate and industrial sectors.

$1 = 17.6375 Egyptian pounds Reporting by Ehab Farouk; writing by Arwa Gaballa; editing by Jason Neely and Louise Heavens

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