CAIRO May 18 Egypt's Pioneers Holding
plans to finalise its acquisition of 60 percent of real estate
company Rooya Group within three months at a cost of 1.23
billion Egyptian pounds ($172 million), its chief executive told
Reuters on Sunday.
Pioneers Holding will pay 50 million pounds in cash and the
remainder through a capital increase for shareholders in Rooya,
according to a company statement sent to the stock exchange on
The capital increase will see Pioneers Holding sell 66.725
million shares at 17.63 pounds each, the company said.
"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.
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 by telephone.
Pioneers Holding's shares were trading at 13.68 pounds at
1006 GMT, up 2.6 percent.
($1 = 7.1126 Egyptian Pounds)
(Reporting By Ehab Farouk and Shadia Nasralla; Writing by
Shadia Nasralla; Editing by Andrew Heavens)