Egypt's Pioneers Holding board approves offer to buy up Cairo for Housing and Development

CAIRO (Reuters) - Egypt's Pioneers Holding said on Sunday its board had approved an offer to purchase remaining shares of Cairo for Housing and Development at a price of 11.80 Egyptian pounds ($1.51) per share for a full acquisition. The firm said in a bourse disclosure that a subsidiary of Pioneers had purchased a 9.07 percent stake in Cairo for Housing and Development, bringing Pioneers Holding's total ownership to 45.73 percent. Pioneers has real estate, industrial and financial services operations. ($1 = 7.8250 Egyptian pounds)