Pioneers Holding Company for Financial Investment’s board of directors have approved the listing of Rooya Group on the Egyptian Exchange (EGX), the company said in a bourse filling on Tuesday.

The company will list 30% of its Rooya Real Estate shares in the second half (H2) of fiscal year (FY) 2017/18.

Pioneers has chosen the Arab African International Bank as an adviser for the listing, which will include a capital increase and the sale of small holdings by main shareholders.

Pioneers owns a controlling stake of 60% of Rooya’s shares, which it acquired for EGP 1.2bn in March 2015.

The financial investment company revealed its plan to offer part of Rooya’s shares in an initial public offering (IPO) of more than EGP 1bn.