Egypt News

Egypt's investment bank Pioneers Holding PIOH.CA on Tuesday forecast 2008 net profit at up to 425 million Egyptian pounds ($79.4 million), raising its forecast from 275 million pounds "This is because of the initial indicators of the first half of the year, the acquisitions and the expected expansion of our business in Saudi Arabia," Ayman Taha, director of investor relations, said.

Pioneers, which first traded on the Egyptian stock market on June 23, has brokerages in the Gulf and said it made profit of 106 million pounds in 2007.
The investment and brokerage company said in a statement to the stock exchange that the Saudi Capital Market Authority granted it three additional licenses on Tuesday that will expand its activity to portfolio and fund management. Pioneers is already licensed as a brokerage in the kingdom.
It said on Sunday it had acquired a 76 percent stake in a Moroccan brokerage, which it did not identify.
Shares in Pioneers were trading 13 percent lower at 23.90 pounds by 0940 GMT as Egyptian shares continued its fall for a fourth session in a row.

EGYPT NEWS

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