EGX approves listing of TAQA Arabia’s shares
Updated 6/5/2023 7:31:00 AM
Arab Finance: The Egyptian Exchange’s (EGX) listing committee approved listing the shares of TAQA Arabia with an issued capital of EGP 676.176 million under the ticker symbol (TAQA.CA), the firm stated on June 4th.
A total of 1.352 billion shares in the company a nominal value of EGP 0.50 apiece will be listed in Egypt Listed Securities.
The firm will be assigned to the utilities sector.
“This floatation is the culmination of over 9 years of stability, accomplishments and reforms in the Egyptian energy sector, as well as 25 years of experience and success for TAQA Arabia," Chairman of TAQA Arabia Khaled Abu Bakr said.
EGX’s Chairman Ramy El-Dokany commented: “The Listing of TAQA Arabia represents the culmination of our efforts to communicate with private sector companies, as we aim to attract strong companies operating in sectors that interact positively with the changes that occur in the Egyptian economy.”
The company's shares will be listed on the EGX’s database as of Thursday, June 8th.
Abu Bakr revealed before that the firm is expected to pump about EGP 32 billion in investments during the period from 2023 to 2027.
TAQA Arabia was established in 2006, and is a subsidiary of Qalaa Holdings.
It operates in the energy distribution sector in Egypt through four arms: TAQA Gas, TAQA Power, TAQA Petroleum, and TAQA Water.
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