Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Monday revealed that the contracts signed by its 60%-owned subsidiary Rooya Holding Investments with banks were to refinance an existing loan.

The agreements signed between Rooya Holding Investments will be used to refinance an EGP 2.25 billion loan jointly provided by the Arab African International Bank (AAIB) and the National Bank of Egypt (NBE), Pioneers added in a statement to the Egyptian Exchange (EGX).

The additional sum of EGP 750 million taken by Rooya Holding Investments has not been withdrawn yet and will be used to finance construction projects and installments on lands.

In October, Rooya Holding’s chairman Hesham Shokri said that his company was working on finalising the documents needed to launch an initial public offering (IPO) for his company within a five-month period.

Pioneers Holding last posted a 61% year-on-year surge in consolidated profits to EGP 243.3 million in the third quarter of 2017 from EGP 151.2 million. The rise was due to higher revenues during the period.

 Pioneers Holding’s stock closed Monday in the red, falling 1.76% to EGP 7.83 after 1.85 million shares were traded at a turnover of EGP 14.8 million.