CAIRO, Jul 26 (Aswat Masriya) - Egypt-based Pioneers Holding for Financial Investments said its board of directors has approved an offer to acquire real estate firm, Cairo for Housing and Development, the holding company said on Sunday. 

A subsidiary of Pioneers Holding bought over 8 million of Cairo for Housing and Development's shares on Wednesday, which make up over 9 percent of the latter's shares, Pioneers Holding said in a statement to Egypt's stock exchange.

This raised the proportion owned by Pioneers Holding and "the group associated" with it to 45.73 percent of Cairo for Housing and Development. 

Pioneers Holding's offer is to buy the rest of the shares at 11.8 Egyptian pounds ($1.5) per share. 

The decision to make the offer came during a meeting of the company's board on Saturday. 

Pioneers Holding offers financial services and operates in the real estate sector. It has activities across the Middle Eaast and North Africa region, where it operates out of 34 offices.