Real estate developer Rooya to IPO 30% on Cairo bourse in Q1: CEO

Egyptian property developer Rooya Group plans to sell around 30 percent of its shares on the stock exchange by early 2017, its chief executive said Thursday.

Hisham Shoukri further said in an interview with Reuters Arabic on Thursday that he expects the IPO would be worth 2 billion Egyptian pounds (around $115 million).

Pioneers Holding, one of Egypt’s largest financial services firms, acquired 60 percent of Rooya’s shares in March 2015 for 1.2 billion pounds; while Shoukri owns the remaining 40 percent.

Rooya has a real estate portfolio of about 9 million square metres, with 6 million of that currently under development.