Pioneers holding and Beltone Financial have signed an agreement on Thursday March 11th, 2010 to complete a share swap between the two companies.
It has also been agreed that the merger procedures will start immediately following the completion of the due diligence process.
Upon the completion of the merger, the Pioneers Holding board will be restructured to include Mr. Walid Zaki, Mr. Taha Al Telbani as well as Mr. Aladdin Saba, Mr. Aly EL Tahry representing Beltone, two members representing Pioneers Shareholders, and three expert members to be appointed by both parties.
A committee has been formed to oversee the details during the transition period between the signing and completion of the merger.
The due diligence process should be completed and the merger finalized by May 30th, 2010.
