TAQA Arabia's 1.3 bln shares kickstart Sunday trading

Muhammed Khalid , Sunday 9 Jul 2023

TAQA Arabia, a subsidiary of Cairo-based Qalaa Holdings, started trading on the Egyptian Exchange (EGX) on Sunday, celebrated by the bourse's chairman and top company officials with a bell-ringing ceremony.

The ringing bell ceremony. Egyptian Exchange.
The ringing bell ceremony. Egyptian Exchange.

 

With an initial listing of 1.3 billion shares at a nominal value of EGP 0.5 per share, the company's stock is listed under the utilities sector.

To encourage liquidity, price limits and temporary trade halting mechanisms will be suspended for TAQA's stock during the first session, contingent upon publication of the company's disclosure report in leading Arabic journals, the EGX announced.

Listing on the EGX will provide TAQA with an essential financing resource which will enable the company to expand in Egypt, the Middle East, and Africa, said Chairman Khaled Abu Bakr.  

The listing coincides with the company's expansion plans. According to CEO Pakinam Kafafi, TAQA intends to invest EGP 1.7 billion in projects across Egypt, Saudi Arabia, Mozambique, and Tanzania.

Specific details about upcoming major projects will be disclosed in due time, said Kafafi, but as of now TAQA has already announced plans to build 30 new gas stations and acquire 250 electric vehicle chargers, spread across the countries where the company operates.

The decision to expand operations in Mozambique and Tanzania "is driven by their abundant natural gas resources and their commitment to increasing gas usage",  the CEO revealed. 

TAQA Arabia's gas pipeline and gas station projects in Tanzania are scheduled to begin operations in the last quarter of 2023.

EGX seeks more activity
 

EGX Chairman Rami El-Dokany has highlighted recent efforts to facilitate the listing process for private companies on the Egyptian Exchange.

Now, the focus is on allowing already-listed companies to expand their public offerings of stakes, among them Alexandria Container and Cargo Handling, said El-Dokany.

Currently, 5 percent of Alexandria Container's total shares (74.5 million) are freely traded on the EGX.

As part of Egypt's economic reform program with the International Monetary Fund (IMF), the country is privatizing 32 state-owned companies across 18 sectors, offering strategic investors the opportunity to participate within a year.

Recent months have seen unnamed investors acquiring shares of state-owned companies such as Telecom Egypt and Housing and Development Bank.

Short link: