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Egypt: TAQA Arabia to List Over 1bn Shares on EGX; Chairman Comments

TAQA Arabia, a full-service energy and utility provider in Egypt, will be listing 1.35 billion shares on the Egyptian Exchange (EGX) at a nominal value of EGP 0.50 per share.

The announcement followed the approval of the EGX’s Listing Committee for TAQA Arabia to trade its shares under the utilities sector with an issued capital of EGP 676.17 million.

The shares are added to the EGX database as of 4 June 2023 under the symbol TAQA.CA and, according to a statement.

Chairman of TAQA Arabia, Khaled Abu Bakr, commented on the listing news by saying: “The authorisation of listing TAQA Arabia’s shares today is a testament to our profound confidence in the Egyptian economy and its future growth.”

Abu Bakr added: “This floatation is the culmination of over nine years of stability, accomplishments, and reforms in the Egyptian energy sector, as well as 25 years of experience and success for TAQA Arabia.”

The chairman concluded: “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.”

In December 2022, TAQA Arabia and its France-based partner Voltalia penned a deal with the Egyptian government to develop a green hydrogen production facility in the Suez Canal Economic Zone (SCZONE).

Source : Zawya

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