Pioneers Holding Co. Acquires Beltone Financial
Cairo, Nov 11, 2009 AEST (ABN Newswire) - The board of Pioneers Holding Co.(CAI:PIOH) agreed to acquire Beltone Financial Company through increasing the capital of the company and share swap with the shareholders of Beltone Financial.
Pioneers Holding Co. will issue 100 million new shares which represents the whole value of Beltone Financial giving Beltone a 17% stake in the merged company.
This step will establish the largest entity in the investment banking field in the MENA region benefiting from the strong aspects of the two parties.
The merger is conditioned with the examination of due diligence and taking the necessary approvals.
Aladdin Saba, CEO of Beltone Financial, said that the merger will form the largest investment banking entity in the middle east region.
Beltone also possesses a large client network of high net worth individuals and strong relations with leading institutions both regionally and globally, boosting its institutional brokerage business.
Beltone, in addition, contributes strong research, investment banking and assest management operations, the latter with assets under management of approximately 26 billion Egyptian pounds.
Dr. Mansour Al Gammal, Pioneers' Vice Chairman, added that his company controls the largest retail brokerage client base in Egypt, of around 90,000 investors, served through a network of 30 branches covering Egypt, Saudi Arabia and Syria.
Contact
Omar Mostafa
TEL: +61-2-9247-4344
EMAIL: omar.mostafa@abnnewswire.net
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