Egypt's Pioneers Holding approves offer to buy Cairo for Housing and Development

Egypt's Pioneers Holding said on Sunday its board had approved an offer to purchase remaining shares of Cairo for Housing and Development at a price of 11.80 Egyptian pounds ($1.51) per share for a full acquisition.

The firm said in a bourse disclosure that a subsidiary of Pioneers had purchased a 9.07 percent stake in Cairo for Housing and Development, bringing Pioneers Holding's total ownership to 45.73 percent.

Pioneers has real estate, industrial and financial services operations.