• Egypt’s Pioneers Holding plans to list local developer Rooya on Egyptian Stock Exchange
  • It also plans to fully acquire local Cairo for Housing & Development

Egypt’s Pioneers Holding is planning to list local real estate developer Rooya on the Egyptian Stock Exchange (EGX), according to Reuters.

It plans to begin the initial public offering (IPO) in late 2015 and issue shares in early 2016.

Pioneers acquired Rooya, which has a portfolio of 9 million square metres of land, with 6 million under development, for E£1.2bn ($156m) in March 2015.

The investor is yet to announce the number of shares or pricing, but told Reuters it hopes to raise over E£1bn.

This follows the Emaar Misr IPO, which raised E£17.6bn in June.

Pioneers is also planning to acquire all remaining shares in local real estate company Cairo for Housing & Development at E£11.80 each, the investor said in an EGX disclosure.

Pioneers already owns 45.73 per cent of the Cairo for Housing and Development.

The offer values the real estate developer at E£1.07bn.

It did not state how it would finance the acquisition.

Rooya developed the E£200m Stone Park in New Cairo, the E£200m Canals Village in Marsa Allam, Telal al-Sokhna and Telal al-Almein.