TAQA Arabia fuel station. Company s website.
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.
EGX Chairman Ramy El-Dokany said last week that an energy company would soon be listed on the market.
Egypt's privatization programme
Under an economic reform programme with the IMF, Egypt is privatizing 32 state-owned companies in 18 sectors to strategic investors within a year.
Unnamed investors recently purchased shares of already-listed companies.
A 10 percent share of Telecom Egypt and a 7.8 percent stake in the Housing and Development Bank were sold.
NI Capital CEO Mohamed Metwally announced in May that Egypt would offer two state-owned companies for investment before the end of the FY.
Egypt is in an EFF programme with the IMF, which allows it to receive $3 billion over four years.
The programme's first review has been delayed until June as Egypt works to meet its commitments under the deal.