Pioneers Holding, one of Egypt’s largest financial services firms, will list 30 percent of its Rooya Real Estate shares on the Egyptian bourse in the second half of 2017/18, board member Khaled al-Tayeb told Reuters on Tuesday.
Pioneers has chosen Arab African International Bank as adviser for the listing, which will include a capital increase and the sale of small holdings by main shareholders, Tayeb said in an interview.
Egypt’s Pioneers Holding Company for Financial Investments SAE bought 60 percent of Rooya Real Estate Investment Company’s shares for 1.226 billion Egyptian pounds ($68.49 million) in 2015.
Chief Executive Officer, Hesham Shokry, who owns the remaining 40 percent of Rooya shares, told Reuters in November the company plans to list 30 percent of its shares in the stock market in the first quarter of 2017, weighing the listing at a minimum of 2 billion Egyptian pounds.
“We have chosen Arab African International Bank as adviser for the listing and IPO managers, one local and another international, will be chosen within weeks,” Tayeb said.
Rooya owns 9 million square meters of real estate, including about 6 million that are under development.
Pioneers reported about 630 million Egyptian pounds in net profits and about 2.5 billion pounds in sales in 2016, Tayeb said.