Pioneers Holding, Egypt’s second- largest publicly traded investment bank, said it may consider adding to a stake in Cairo Housing & Development after the housebuilder reports second quarter earnings, Bloomberg reported.
Pioneers International Bahrain, of which Pioneers Holding owns 25 percent, bought 245,000 shares of Cairo Housing, according to a statement by the company to the Egyptian Stock Exchange. The purchase is not part of Pioneers Holding’s plan to increase its shareholding in the developer to 30 percent as announced in January, board member Khaled El Tayeb said in a phone interview today.
