Pioneers Holding, Egypt’s second- largest publicly traded investment bank, said it may consider adding to a stake in Cairo Housing & Development after the housebuilder reports second quarter earnings.
Pioneers International Bahrain, of which Pioneers Holding owns 25 percent, bought 245,000 shares of Cairo Housing yesterday, according to a statement by the company to the Egyptian Stock Exchange. The purchase is not part of Pioneers Holding’s plan to increase its shareholding in the developer to 30 percent as announced in January, board member Khaled El Tayeb said in a phone interview today.
Cairo Housing gained the most in almost seven months after the Egyptian Exchange disclosed the purchase by Pioneers International Bahrain. Cairo Housing added 5.9 percent, its biggest gain since Dec. 14, to 5.07 Egyptian pounds at the close in Cairo. Pioneers lost 0.6 percent to 3.32 pounds.
Cairo Housing posted a 21 percent increase in first quarter profit to 9.6 million Egyptian pounds ($1.7 million) compared with the same period a year earlier, according to the company’s regulatory filing on May 16.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at email@example.com