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Pioneers picks NY Mellon to launch GDRs in London

Shares in the company closed down 1.1 percent on Tuesday at 3.59 Eqyptian pounds.

October 27, 2010 1:34 by

Egyptian financial services company Pioneers Holding plans to list global depository receipts (GDRs) in London and Bank of New York Mellon Corp will be the depositary bank.

“We decided to choose Bank of New York Mellon … to activate the program of GDRs for Pioneers Holding on the London Stock Exchange,” Pioneers board member Khaled El Tayeb told Reuters on Wednesday.

When asked about the timing of the listing, Tayeb said: “It is still under study and will be announced immediately upon completion of the research on the right method (to place the GDRs)”.

Shares in the company, which specialises in brokerage services, closed down 1.1 percent on Tuesday at 3.59 Eqyptian pounds.

Pioneers has been looking to expand into countries including Kuwait, Qatar, Libya, Morocco and Jordan over the next two years, either through mergers and acquisitions or by acquiring new licenses in those markets, Tayeb told Reuters last week.

(Reporting by Ehab Farouk; Writing by Sarah Mikhail; Editing by Dan Lalor)


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