Egypt's Pioneers Holding plans capital increase to help finance Rooya acquisition

CAIRO, April 24 Thu Apr 24, 2014 2:15pm EDT

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CAIRO, April 24 (Reuters) - Pioneers Holding plans to use a capital increase to help finance the acquisition of a 60 percent stake in real estate investment firm Rooya Group, one of the firm's senior executives said.

"The deal will be financed in cash and through a capital increase in Pioneers Holding shares subject to valuation," Mohamed Aboulghait, managing director, financial services, told Reuters in an interview.

He did not specify the size of the capital increase or when it would be concluded. (Reporting by Shadia Nasralla and Stephen Kalin; Writing by Stephen Kalin; Editing by Angus MacSwan)