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TAQA Arabia plans to offer 25% on stock market for estimated EGP 1bn - Daily News Egypt

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TAQA Arabia plans to offer 25% on stock market for estimated EGP 1bn

Offering shall be completed before end of 1H2020


TAQA Arabia plans to offer 25% of its shares on the Egyptian Exchange (EGX) in the next three months. Qalaa Holding will continue to retain a controlling stake in the company and has no public offering plans.

An informed source told Daily News Egypt that the estimated proceeds of the IPO would reach about EGP 1bn. The offering shall be completed before the end of the first half (1H) of 2020.

Investment banks EFG Hermes and HSBC will act as the company’s offering manager. And the they are preparing to start promotional campaigns of the offering.

Qalaa Holdings holds 55.9% stake of TAQA Arabia. It is expected to continue to report strong profit growth through the distribution of electricity and energy.

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

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

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https://dailyfeed.dailynewsegypt.com/2020/02/29/taqa-arabia-plans-to-offer-25-on-stock-market-for-estimated-egp-1bn/
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