TAQA Arabia powers into Egypt’s stock market listing

The EGX authorized the listing of 1.35 billion shares on Sunday.

The listed shares have a total value of approximately EGP 676.2 million (nearly $22 million), or EGP 0.5 per share.

“Proceeding from Cairo, we are keen on scaling up our investments, services and project portfolio in Egypt and the region. This requires finding sources of financing and increasing the group’s capital in the coming period,” said the Chairman of TAQA Arabia, Khaled Abu Bakr.

EGX awaits the Financial Regulatory Authority’s (FRA) approval on TAQA's disclosure report within six months of listing before trading its shares.

TAQA Arabia, a Cairo-based Qalaa Holdings subsidiary, serves over 1.7 million customers in 50 Egyptian cities with energy and utility services, including natural gas, electricity, renewable energy, petroleum products, and water.

It builds, runs, and upkeeps energy infrastructure, including gas transmission and distribution, in eight Egyptian governorates.