CAIRO Egypt s stock market regulator said on Tuesday it had penalized two brokerages for manipulating shares of Egyptian investment bank Pioneers Holding.
Pioneers Securities and Prizma Securities, both subsidiaries of Pioneers Holding, had violated trading rules and manipulated shares of their holding company, sources at the regulator said in comments carried by official state news agency MENA.
The regulator banned Pioneers Securities from trading shares of Pioneers Holding for three months starting on Oct. 7, MENA said.
It banned Prizma Securities from trading any shares in Egypt for a month and from trading Pioneers Holding for three months beginning on the same date.
The regulator also mandated Pioneers Securities to increase the insurance on its settlement fund by LE 25 million ($4.6 million), MENA said, without giving further details.
A spokesman for Pioneers Holding could not immediately comment.
Pioneers Holding, which operates in Egypt, Saudi Arabia, the United Arab Emirates and Syria, made its debut on Egypt s stock exchange in June after the company raised LE 850 million in a private placement.
