ArabFinance: Pioneers Properties for Urban Development has sold 5.80 million shares in Cairo Housing and Development Company (ELKA), according to a shareholding disclosure filed to the Egyptian Exchange (EGX).
Accordingly, Pioneers Properties has cut its stake in Cairo Housing to 70.002% from 76.446%.
The transaction has been implemented at a total value of EGP 197.20 million, equivalent to an average price of EGP 34 per share.
Cairo Housing is an Egypt-based firm engaged in real estate and housing development operations.
The listed company’s main activities include acquiring, selling, and leasing lands and buildings as well as city planning and infrastructure construction activities.