Cairo Housing and parent company eye raising stake in United Housing to 90% through MTO

Cairo Housing wants in on United Housing: EGX-listed real estate player CairoHousing and Development will submit an MTO for a stake in United for Housing and Development via share swap after its board greenlit the move, according to an EGX disclosure (pdf).

How much are they after? The percentage stake Cairo Housing is after remains unclear, as it is looking to increase its parent company and its subsidiaries’ stake in United to up to 90%. Aspire and its subsidiaries own a combined minority 49.9% stake in United.

Share swap details: If the transaction moves forward, the share swap will happen at a ratio of one United share to three Cairo Housing shares.

What’s next? Cairo Housing’s extraordinary general assembly will meet to discuss increasing the company’s capital through issuing more shares.