Cairo – Mubasher: Pioneers Holding Company for Financial Investment has raised its stake in El Kahera Housing to 76.45% from 63.12%.

The transaction involved the purchase of 12 million shares for EGP 174 million, averaging EGP 14.5 a share, the real estate firm said in a statement to the Egyptian Exchange (EGX) on Sunday.

On a separate disclosure, El Kahera Housing said that Wadi Consulting sold its entire stake of 13.33% or 12 million shares for EGP 14.5 apiece at total value of EGP 174 million.

Pioneers Securities acted as a broker in the transaction.

During the first nine months of 2020, El Kahera Housing achieved net profits of EGP 171.76 million, up from EGP 85.18 million in the same period in 2019, including minority shareholders’ rights.