Pioneers has invested more than 3.6 billion pounds over the past
three years in Egypt's food and industry and real estate sectors and is
looking to expand further in those sectors.
Egypt's
pound notes are pictured in stacks of 100 as employees count money at an
exchange office in downtown Cairo in a file photo
Pioneers Holding, one of
Egypt's largest financial services firms, plans to invest 1.7 billion
Egyptian pounds ($191.44 million) in Egypt this year, Chairman Walid Zaki said in a statement on Sunday.
It plans acquisitions and capital increases in its subsidiaries, Zaki was quoted as saying in the statement.
The company is not looking to expand out of Egypt for the time being, he said.
Pioneers
has invested more than 3.6 billion pounds over the past three years in
Egypt's food and industry and real estate sectors and is looking to
expand further in those sectors.
The firm also
plans to complete a 2 billion pound initial public offering of property
developer Rooya Group in the second half of this year.
Zaki said the timing for the offering would be determined after completing legal procedures.
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