Pioneer gets approval for takeover deal

Shareholders of Egypt's Pioneers Holding and Beltone Financial approved a plan for Pioneers to take over Beltone, the two firms said in statements released by the stock exchange yesterday.

Pioneers's board of directors also approved a E£0.05 ($0.01, Dh0.037) per share dividend, bringing the company's total dividend for 2009 to E£0.35, Pioneers said in a statement.

Clarification

In our Page 1 story 'Most banks lag on security' it was mistakenly stated that RAKBank is "interested" in applying for ISO 27001:2005 certification. The fact is that the Ras Al Khaimah-headquartered bank was certified four years ago and will renew the certification once it expires in 2012. The error is regretted.