Egypt’s Pioneers Holding to Acquire Rooya Stake within 3 Months -CEO

Egyptian financial firm Pioneers Holding (PIOH.CA) expects to finalise its acquisition of a 60-percent stake in real estate group Rooya within three months at a cost of EGP 1.226 billion ($172 million), its CEO told Reuters on Sunday.

Pioneers had previously said the deal would be financed in cash and through a capital increase.

“We expect the final agreement of the shareholders of the company, the remaining measures and the issuance of the capital increase within three months,” chief executive Waleed Zaki said.

He declined to give further details.

Pioneers specialises in brokerage services, offers market research and investment banking for retail and institutional clients but also has investment arms in real estate, industry and financial services.

Rooya’s sales reached EGP 900 million in 2013, a target it aims to almost double this year. Pioneers is considering floating Rooya on Cairo’s stock exchange once it has acquired the 60-% stake.

“We are now keen on having all companies that belong to us listed on Egypt’s bourse,” Zaki said in a telephone conversation.