Rooya Group is expecting to pump in around EGP 7bn-EGP 8bn of investments in 2016, Chairman and CEO of the company Hesham Shoukri said.
“Our profits during the first half of the year recorded over EGP 400m in revenues,” Shoukri said.
The company official added that the expected profits by the end of the year are forecasted to reach EGP 600m.
Pioneers Holding signed an EGP 50m loan with Audi Bank to help finance the acquisition of 60% of Rooya Group. Repaying the loan will start a year after its usage, which will start in March 2016. The loan will be repaid in monthly instalment over 12 months.
Pioneers have acquired a 60% share in Rooya for EGP 1.23bn.
Rooya Group is planning to launch an initial public offering (IPO) in the Egyptian stock market soon. The real estate company owns a park in New Cairo, called Stone Park, and the Telal project in Ain Sokhna.