TaQa Arabia Company intends to float its shares on the Egyptian Stock Exchange (EGX) during 2023, according to the company’s Chairman, Khaled Abu Bakr.
This coincides with the Prime Minister's announcement last week of the details of the government's offering program to offer stakes in 32 companies on the stock exchange.
Although the company is owned by the private sector, it seeks to take advantage of the momentum that the market may witness with the start of implementing government offerings.
TaQA Arabia expects about LE 32 billion in investments during the period from 2023 to 2027. It also seeks to increase natural gas supply stations to 100 stations during 2023.
The company has established and operated a 65 megawatt solar power plant at an investment cost of LE 1.35 billion.
TAQA Arabia was established in 2006, and it is one of the companies of Qalaa Holdings.
It operates in the energy distribution sector in Egypt, and it is affiliated with four companies: “TAQA Gas”, “TAQA Power”, “TAQA Petroleum”, and “TAQA Water”.
Previously in February, Egypt’s Prime Minister, Mostafa Madbouli, announced that a total of 32 companies will be floated on the Egyptian Exchange (EGX) over a year.
Offering companies on the stock exchange will be through a public offering or by selling a share to strategic investors, the prime minister clarified, noting that the offering of the current 32 companies will extend from the first quarter of this year until the first quarter of 2024.
At least a quarter of the 32 companies (eight companies) will be offered in the first 6 months, Madbouli said.
