Taqa Arabia, a subsidiary of Qalaa Holdings (CCAP), is planning to list its shares on the Egyptian Exchange (EGX) in 2023, Al Borsa Newspaper reported, citing the company’s Managing Director Pakinam Kafafi.
The company has postponed the offering of its shares on the EGX for two years due to the Covid-19 pandemic, Kafafi said.
EFG Hermes Holding (HRHO) and HSBC Bank have been chosen to act as the financial advisor on the offering, she remarked.
Chairman of Qalaa Holdings Ahmed Heikal previously revealed that the company is planning to float 30% of Taqa Arabia’s shares on the EGX in April.
It is worth noting that Qalaa Holdings holds a 55% stake in Taqa Arabia, according to Heikal.
On the other hand, Kafafi noted that Taqa Arabia has allocated around EGP 1.5 billion for investments in 2022.
These investments will be pumped into adding new gas or diesel stations and desalination plants, as well as the establishment of a warehouse at a cost of up to EGP 500 million within two years, she added.
The company has completed the first phase of Benban plants in Aswan, the managing director said, noting that it is considering the development of 4 land plots through a partnership.
Taqa Arabia is currently operating 59 fuel stations, in addition to 23 compressed natural gas stations. The company aims at raising the number of its stations to 200 by 2023.