Cairo-Mubasher: Egypt-based Pioneers Holding said its board approved an offer to purchase the remaining shares of Cairo for Housing and Development at EGP 11.80 ($1.51) per share for a full acquisition.

Pioneers Chairman Walid Zaki said the decision aims to enhance the company’s investment portfolio in subsidiaries, adding that his company has injected investments worth EGP 3.2 billion through acquisitions since early 2011.

“We will not divest our investments currently, but we will further boost them over the coming period, because these companies have strong growth potentials especially in the real estate and contracting sectors,” he added.

Cairo Housing operates with EGP 450 million in capital, divided into 90 million shares at a par value of EGP 5 each.