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Egyptian real estate developer Pioneers Properties, led by prominent businessman Waleed Zaki, has sold shares valued at EGP235.1 million ($7.6 million) in United Company for Housing and Development, one of Egypt’s oldest players in the real estate sector.
The latest transaction involved the sale of 45.29 million shares at an average price of EGP5.19 ($0.168) per share. Pioneers Securities was the broker for the transaction, which was concluded on June 26.
As a result of this sale, Pioneers Properties, under the leadership of Waleed Zaki, has reduced its stake in United Company for Housing and Development from 35.06 percent to 17.74 percent. This move reflects the Egyptian real estate developer’s strategic efforts to unlock value from its investment.
The transaction follows the publication of Pioneers Properties’ inaugural reporting period, spanning from September 8, 2021, to December 31, 2022.
Pioneers Properties, a subsidiary of Aspire Capital Holding, a diversified Egyptian group, has witnessed significant growth in the real estate and financial markets under the leadership of Zaki, the former founder and chairman who was previously the head of Pioneers Holding Company.
During its inaugural reporting period, the company achieved a revenue of EGP8.6 billion ($278.3 million) and a profit of EGP217.3 million ($7.03 million).
In the first quarter of 2023, Pioneers Properties, under Zaki’s guidance, continued to thrive, reporting a profit of EGP102.12 million ($3.3 million). This figure represents a notable increase compared to the EGP44.49 million ($1.44 million) profit recorded in the first quarter of 2022.
The surge in profit can be attributed to the group’s robust revenues, which reached EGP1.65 billion ($53.4 million) as of March 31, 2023. This marks a significant rise from the EGP1.04 billion ($33.65 million) generated in the corresponding quarter of 2022.
With the sale of shares in United Company for Housing and Development, Pioneers Properties is strategically positioning itself to capitalize on its investments and further strengthen its position in the Egyptian real estate market.
