Pioneers Holding Co. (CASE:PIOH) made a bid to acquire an additional 51.84% stake of United Co. for Housing & Development - S.A.E. (CASE:UNIT) for approximately EGP 660 million on October 2, 2019.

The consideration will be paid as Pioneers Holding shares. As a part of the transaction Pioneers Holding will acquire 146 million shares of United Co. for Housing & Development by issuing 114.61 million shares resulting exchange ratio of 0.781.

In related transactions, Pioneers Holding made an offer to acquire shares of Giza General Contracting and Real Estate Investment, Elsaeed Contracting and Real Estate Investment, El Kahera Housing, and Electro Cable Co. On completion, Pioneers Holding will hold 90% stake in these companies. As on March 3, 2020, the Board of Directors of Pioneers Holding approved the fair value studies for these transactions.

As on March 9, 2020, the Board of Directors of Pioneers Holding decided to proceed with these transactions. As on May 10, 2020, Pioneers Holding has begun to execute the acquisition and this offer last until June 9, 2020.