Cairo Housing submits MTO to acquire majority stake of United Housing

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Arab Finance: Cairo Housing and Development Company (ELKA) has submitted a mandatory tender offer (MTO) to acquire around 50.87%, or 133 million shares, in United Housing and Development (UNIT) via a share swap at a 3:1 ratio, the Financial Regulatory Authority (FRA) stated.

This acquisition will bring Cairo Housing’s total stake in United Housing to 90% by exchanging 399 million shares of the former.

On September 2nd, Cairo Housing’s board approved submitting an MTO for purchasing up to 90% of United Housing via share swap.

The MTO is pending the FRA's approval.

Cairo Housing is an Egypt-based firm engaged in real estate and housing development operations.

The listed company’s main activities include acquiring, selling, and leasing lands and buildings as well as city planning and infrastructure construction activities.