CAIRO May 18 Egypt's Pioneers Holding
expects to finalise its acquisition of a 60-percent stake in
real estate group Rooya within three months at a cost of 1.226
billion Egyptian pounds ($172 million), its CEO told Reuters on
Pioneers had previously said the deal would be financed in
cash and through a capital increase.
"We expect the final agreement of the shareholders of the
company, the remaining measures and the issuance of the capital
increase within three months," chief executive Waleed Zaki said.
He declined to give further details.
Pioneers specialises in brokerage services, offers market
research and investment banking for retail and institutional
clients but also has investment arms in real estate, industry
and financial services.
Rooya's sales reached 900 million pounds in 2013, a target
it aims to almost double this year. Pioneers is considering
floating Rooya on Cairo's stock exchange once it has acquired
the 60-percent stake.
"We are now keen on having all companies that belong to us
listed on Egypt's bourse," Zaki said in a telephone
($1 = 7.1126 Egyptian Pounds)
(Reporting By Ehab Farouk; Writing by Shadia Nasralla; Editing
by Andrew Heavens)