Rooya to start construction at EGP 300 mn Hadaba project, to IPO in 1H17

Rooya Real Estate Development is set to IPO in1H17, possibly listing around 30% of its shares, chairman Hisham Shoukri told Al Mal. The company tapped Grant Thornton as financial advisor to prepare the fair value report, while Baker McKenzie is the legal advisor. Pioneers Holding, which holds 60% of Rooya’s shares, said in March last year it expects to raise EGP 2 bn in the offering. Rooya will begin construction of its 140,000-sqm Hadaba project in 6 of October with EGP 300 mn initial investments within days, Shoukri adds.