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Egypt's Pioneers Holding to split into 3 firms

Egyptian financial services group Pioneers Holding Co.'s board approved a plan to split the company into three separate firms focused on financial services, real estate and the industrial sector, Reuters reported.

The company said the split will be carried out once it completes mandatory bids to boost its stake in five units to 90%, according to the Oct. 1 report.

The group is looking to complete the process by the end of the year, CEO Walid Zaki told the news agency.