Pioneers Drops to Lowest in a Week as Firm Won’t Pay Dividend

Pioneers Holding (PIOH) dropped to the lowest level in a week after Egypt’s financial services company said it won’t pay a dividend for 2010.

The shares fell 2.6 percent to 2.24 Egyptian pounds, the lowest intraday level since May 2, at 1:50 p.m. in Cairo. The benchmark EGX 30 Index (EGX30) declined 1.4 percent.

Pioneers paid a 0.05 pound per share dividend in May 2010 and 0.30 pound a share in October 2009, according to data compiled by Bloomberg.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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