Monday, 21 May 2018 05:54 GMT

Egypt's Pioneers buys 60 percent stake in Roaya

(MENAFN) Egypt's Pioneers Holding is planning to purchase a 60 percent stake in real estate investment firm Roaya Group by the end of the first quarter, The Peninsula Qatar reported

The company's chief executive said that the deal is expected to cost USD144 million

He said: "After the revolution we took on a contractionary policy in the financial services sector but since the third quarter of 2013 the firm has revised that policy and we are working on increasing investments and focusing on it strongly.

Pioneers is considering floating and listing Roaya Group on the stock market after the acquisition. Roaya's revenue last year came at USD129 million

Egypt's Pioneers buys 60 percent stake in Roaya

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