Pioneer Corp. Africa to Issue 800 Million Shares After Unifreight Purchase

Pioneer Corp. (6773) Africa Ltd., a transport company, plans to issue 800 million shares after completing the acquisition of Unifreight Zimbabwe Ltd., the company said.

Pioneer also plans to consolidate shares at a ratio of 10 to 1, the Harare-based company said in a circular to shareholders today. The share issue will bring total authorized shares to 1.4 billion, it said.

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