Egypt’s Rooya Group to sell 60% stake to Pioneers Holding

February 22, 2014 12:38 am

Egyptian real estate investment firm, Rooya Group is set to sell a 60% stake to Pioneers Holding by the end of the first quarter of this year, Reuters has reported. The deal is expected to cost around EGP1bn ($144m), said Pioneer’s chief executive, Waleed Zaki. He said the group is considering floating and listing Rooya Group on the stock market after it acquires the stake in the firm, which had EGP900m in revenue in 2013.