The Board of Pioneers Holding Company For Financial Investments (CASE:PIOH) announced the spin off of Real estate and contracting arm of Pioneers Holding Company for Financial Investments on June 23, 2020. Under the terms of transaction, Pioneers Holding Company For Financial Investments will split into three separate listed entities one each focused on financial services, real estate and industry. The Board of Pioneers Holding Company For Financial Investments approved the transaction on November 1, 2020. On November 24, 2020, the shareholders of Pioneers Holding Company For Financial Investments approved the transaction. The transaction is expected to be completed in about 90 days. As of June 29, 2020, the transaction is expected to be completed in fourth quarter of 2020. UHY United, Investment Banking Arm acted as the financial advisor and Baker & McKenzie LLP acted as the legal advisor to Pioneers Holding Company For Financial Investments.