Last Update 11:37
Sunday, 22 September 2019

Egypt's Pioneers plans IPO of real estate developer Rooya: CEO

Reuters , Monday 27 Jul 2015
Share/Bookmark
Views: 1196
Share/Bookmark
Views: 1196

Egypt's Pioneers Holding is seeking an initial share offering of real estate developer Rooya worth at least one billion Egyptian pounds ($128 million), Pioneers' chief executive said Monday.

Pioneers, which specialises in market research and brokerage services but also has investment arms in real estate, industry and financial services, acquired 60 percent of Rooya's shares in March for 1.226 billion pounds.

"The listing on the bourse should be complete by this quarter (Q3 2015), God willing, and the shares should be issued during the first quarter of 2016," Pioneers Chief Executive Waleed Zaki told Reuters in a telephone interview.

"We cannot specify the size right now, but it will be a large public offering and will certainly exceed one billion (Egyptian) pounds," Zaki said.

Rooya has a real estate portfolio of about 9 million square metres, with 6 million of that currently under development.

The board of Pioneers on Sunday approved the company's offer to buy another real estate company, Cairo for Housing and Development, at a price of 11.80 Egyptian pounds per share.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.