Cairo – Mubasher: Shareholder Hossam Mohamed Zaki Ibrahim reduced his ownership in Pioneers Properties for Urban Development to 5.68% from 7.77% for a total value of EGP 54.12 million.

The shareholder sold 22 million shares in Pioneers Properties at an average price of EGP 2.46 per share, according to a stock exchange statement on Sunday.

Pioneers Securities acted as a broker in the transaction.

Since the company’s incorporation on 8 September 2021 until 30 September 2022, it recorded consolidated net profits after tax worth EGP 458.25 million, including non-controlling interests.

In the meantime, the firm’s consolidated revenues hit EGP 5.44 billion.