Pioneers Properties for Urban Development (PREDCO) and Aspire Capital Holding for Financial Investments intend to jointly establish a mortgage finance company, according to separate statements from the two companies.

The two listed firms, however, confirmed that they will disclose any developments once happen, including official agreements or signed contracts, based on determining the feasibility of the business.

PREDCO and Aspire Holding both noted that they seek to enter the mortgage finance sector while targeting investment opportunities that would endorse operating activities and support the shareholders.

It is worth noting that PREDCO generated higher consolidated net profits to the owners at EGP 190.10 million during the first half (H1) of 2023.

Meanwhile, last July, the urban development firm reduced its equity ownership in United Company for Housing and Development to 17.74% from 35.06% at a total value of EGP 235.09 million.

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