The board of Pioneers Holding for Financial Investment endorsed the auditor’s report on the fair value study conducted by the independent financial advisor for the company’s shares, as well as shares of Rooya Holding, and for the deal’s value reaching EGP 1.2 billion.
According to the company’s statement, EGP 50 million out of the deal’s value will be paid in cash, while 66.7 million secondary shares will be issued by Pioneers at EGP 17.63 each for shareholders of Rooya Real Estate Investment at a value equal to the remaining sum.
The move will be taken after obtaining the approval of competent authorities as well as the company’s extraordinary general meeting.