Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the acquisition offer submitted by Pioneers Holding Company for Financial Investment to raise its shareholding in five of its subsidiaries to 90% through stock swap transactions.

The offer includes the acquisition of shares of Giza General Contracting and Real Estate Investment, United Company for Housing and Development, Elsaeed Contracting and Real Estate Investment, El Kahera Housing, and Electro Cable Co, according to a bourse disclosure on Sunday.

In March, Pioneers Holding Company’s board of directors approved the fair value studies of five of its subsidiaries to raise its stakes in these five companies to 90%.

It is noteworthy to mention that in 2019, the company logged EGP 1.35 billion in net profits, compared to EGP 1.22 billion in 2018.