Pioneers Holding Co. (CASE:PIOH) submitted non-cash mandatory tender offer to acquire additional 9.42% stake in El Kahera Housing (CASE:ELKA) on March 3, 2020. Under the transaction, Pioneers Holding Co.

will be paying EGP 32.43 per share. Post acquisition, PIOH will own 90.42% stake in El Kahera Housing. On March 9, 2020, after amendment in mandatory tender offers, the deal will be executed through a share swap at swap rate of 0.303.

In a separate transaction, non-cash mandatory tender offers will be executed to acquire 50.25% stake of United Co for Housing & Development, 19.35% stake of Electro Cable Egypt, 51.14% stake of National Upper Egypt Contracting & Building Works and 41.56% stake of Giza General - Contracting and Real Estate Investment. Financial Advice Corporate Transactions acted as financial advisor for Pioneers Holding.