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Pioneers Properties cuts stake in United Housing to 17.74%

Pioneers Properties cuts stake in United Housing to 17.74%
Photo Archive
United Co for Housing
UNIT
-4.45% 6.65 -0.31
Pioneers Properties
PRDC
0.00% 3.10 0.00

Cairo – Mubasher:  Pioneers Properties for Urban Development has reduced its equity ownership in United Company for Housing and Development to 17.74% from 35.06% in exchange for EGP 235.09 million.

Pioneers Properties sold 45.29 million shares in United Housing at an average price of EGP 5.19 per share, according to a bourse disclosure

Meanwhile, Pioneers Securities acted as the broker for this equity reduction transaction that was concluded on 26 June.

In the first quarter (Q1) of 2023, the consolidated net profits after tax of Pioneers Properties reached EGP 102.12 million, higher than EGP 44.49 million in Q1-22, including minority interest.

The revenues amounted to EGP 1.65 billion as of 31 March 2023, an annual leap from EGP 1.04 billion.