“We’re raising our stake progressively according to a variety of factors including share price,” Chief Executive Officer and Managing Director Waleed Zaki said in a telephone interview in Cairo.
Pioneers Holding bought 4.5 million shares on Sept. 2 for an undisclosed amount from its unit, Pioneers International Bahrain, according to a trading disclosure from the Egyptian Exchange. The purchase raises the company’s stake in Cairo Housing to 23 percent, Zaki said.
Pioneers Holding fell 1.1 percent to 3.59 Egyptian pounds at the 1:30 p.m. close in Cairo, valuing the company at 1.8 billion ($316 million). Cairo Housing retreated 0.2 percent to 6.29 pounds, valuing the company at 590 million pounds.
Market regulations in Egypt require the purchaser to submit a formal buyout offer if it intends to buy more than 33 percent of another company. Pioneers doesn’t intend to surpass that limit, Zaki said.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at firstname.lastname@example.org