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TAQA Arabia contracts with Grant Thornton for IPO evaluation

TAQA Arabia contracts with Grant Thornton for IPO evaluation

TAQA Arabia contracted with Grant Thornton to act as an independent financial advisor to evaluate the company’s initial public offering (IPO) on the Egyptian Exchange (EGX), with plans to start the offering in the first half of the year (1H20), informed sources told Daily News Egypt.

The company is targeting more than EGP 1bn from offering 25% share. However, the value and percentage of the offering will be finally determined after the completion of the IPO’s evaluation.

Investment banks EFG Hermes and HSBC will act as the offering managers. Both banks have already started preparing promotional campaigns for the company’s IPO in 1H20.

TAQA Arabia is 55.9% owned by Qalaa Holdings. It is expected to continue reporting strong profit growth via its energy distribution activities.

Qalaa Holdings Chairperson and Founder Ahmed Heikal said in previous statements that Qalaa Holdings has a programme to offer about eight subsidiary companies on EGX, and that the first offering will be from TAQA Arabia.

TAQA Arabia is Egypt’s largest private sector energy distribution company with more than 16 years of experience in investing and operating energy infrastructure, including gas transmission and distribution, power generation and distribution, and petroleum product marketing. TAQA Arabia provides services through four arms: gas distribution (residential, commercial, and industrial), electricity distribution and generation, and fuels and lubricants marketing. Source: Egypt Independent

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