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Pioneers leads alliance to launch Jesoor with 40% stake

Pioneers leads alliance to launch Jesoor with 40% stake
Aspire Capital
ASPI
-1.84% 0.37 -0.01
El Kahera Housing
ELKA
-2.65% 1.51 -0.04

Elsaeed Contracting
UEGC
-0.39% 0.77 -0.00

By: Ahmed Allam:

Cairo-Mubasher: Pioneers Holding is joining hands with four companies to establish Jesoor Infrastructure with EGP 100 million ($13.7 million) capital.

Ahmed Naeem El Badrawy, Chairman of Elsaeed Contracting and Real Estate Investment Company said, in a phone call with Mubasher, that Pioneers will share with 40% in the capital of the new subsidiary.

He added that three other companies will share with 15% stake each. These companies are Giza General Contracting, El Kahera Housing and Al Farouk Co.

Elsaeed Contracting board of directors approved the establishment of a new subsidiary.

The new unit will operate in infrastructure and public utilities as well as general contracting, sewage plants, road pavement and railways, according to the company’s statement.

Elsaeed Contracting will hold a 15% stake in the new company’s EGP 100 million capital.

Elsaeed Contracting had posted consolidated financial statements for the nine-month period that ended on September 30, 2014, showing that net profit jumped 87.4% to EGP 76.1 million from EGP 40.6 million reported in the same period a year earlier.

Waleed Zaki, chief executive officer of Pioneers Holding said earlier European and U.S. investors are showing great interest in launching investments in Egypt.

  Zaki added that he met with officials from EU and U.S. firms during his latest tour, who expressed their plans to invest in the country’s infrastructure, energy, construction, foodstuff and housing sectors.

The North African country has been seeking to restore investor confidence and lure back foreign investments so as to revive the economy that has been weighed by unrest during the last four years following the January uprising in 2011 that ousted former president Mubarak.

Translated by Sayed Abdel Rahman

Photo Credit: Arabianeye-Reuters