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 LE11.80 ($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.
