Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Monday announced it has reduced its stake in El Kahera Housing to 53.7% from 67.03%.

The company has sold 12 million shares of El Kahera Housing at a total value of EGP 168 million or EGP 14 per share, according to a filing to the Egyptian Exchange (EGX).

Pioneers Holding last reported an 18% year-on-year increase in consolidated profits for the first nine months of 2018.

Net profit totalled EGP 821.6 million in the nine-month period ended September, versus EGP 697.5 million in the prior-year period, including minority shareholders’ rights.

Revenues amounted to EGP 5.6 billion at the end of September from EGP 5.77 billion in the corresponding period last year.