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Cairo, Nov 11, 2009 (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.
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.
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About Beltone Financial
Beltone Financial's transforming vision and clear mission provide our clients with incomparable knowledge and seamlessly executed solutions. Our values differentiate Beltone from all other financial institutions, setting us apart, becoming the fastest-growing investment bank in the Middle East and North Africa (MENA) region.
Our services are designed for institutions and high-net-worth individuals who require asset management, investment banking, brokerage, private equity investing and research. Our strategy is to focus on innovation and product differentiation, buttressed by our superior knowledge and passion to serve our clients' interests impeccably.
Beltone's professional financial advisers are strategically located to benefit our clients. Almost 200 staff serves clients from our network of offices in Cairo, Riyadh, Jeddah, Damascus, Dubai, Doha, Tripoli, London and New York.
About Pioneers Holding Co.
Pioneers Holding Co. is among the leading financial services institutions in the Middle East, offering a broad range of comprehensive first rate financial services for both retail and institutional investors, including brokerage services covering public and private sector in restructuring , mergers, issuing of equity and debit capital and in-depth market research.
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>>>     Beltone Financial>>> Pioneers Holding Co. |
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