Pioneers Holding says to list 30% of Rooya stake on Egypt stock market

Rooya owns 9 million square meters of real estate, including about 6 million that are under development

  
A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany


By Ehab Farouk

CAIRO, July 18 (Reuters) - Pioneers Holding, one of Egypt's largest financial services firms, will list 30 percent of its Rooya Real Estate shares on the Egyptian stock market 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. ($1 = 17.9000 Egyptian pounds)

(Reporting by Ehab Farouk; Writing by Arwa Gaballa; Editing by David Goodman) ((arwa.gaballa@thomsonreuters.com; +20 2 2578 3290;))





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