Cairo – Mubasher: Pioneers Securities has announced that Pioneers Holding Company for Financial Investment reduced its stake in United Company for Housing and Development to 16.6% from 18.65%.

Pioneers Holding sold 5.8 million of its shares in United Company in consideration of EGP 19.66 million, according to a bourse statement released on Tuesday.

It is worth noting that United Company for Housing and Development reported a net profit of EGP 85.95 million in the six-month period ended 30 June, while Pioneers Holding posted EGP 1.09 billion during the same period.