October 1, 2019 / 6:23 PM / 2 months ago

UPDATE 1-Egyptian financial services group Pioneers Holding plans three-way split

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CAIRO, Oct 1 (Reuters) - Pioneers Holding, one of Egypt’s largest financial services groups, plans to split into three separate companies focused on financial services, real estate and the industrial sector.

The Pioneers board has approved the plan and the split will take place once the group completes mandatory bids to increase its stake in five listed subsidiaries to 90%, it said in a statement.

Pioneers Holding aims to complete the entire process by year-end, CEO Walid Zaki told Reuters when asked about the timing. “We aim to have three budgets before the end of the year,” he said. (Reporting by Ehab Farouk; Writing by Mahmoud Mourad; Editing by David Goodman)

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