On Sunday, EGX approved direct listing of 1.35 billion TAQA shares worth EGP 676.2 million ($22 million).
Ahram Online answers two basic questions.
What is direct listing?
The EGX requires at least 300 shareholders post-offering for market listing.
Companies meeting the requirement can list on the market without an IPO.
IPOs issue new shares while direct listings sell existing shares.
The EGX had 229 listed companies prior to TAQA Arabia's listing.
Who is TAQA Arabia?
TAQA Arabia, founded in 2006, is a significant energy player in Egypt with four divisions: TAQA GAS, TAQA Power, TAQA Petroleum, and TAQA Water.
TAQA specializes in gas and oil transmission, renewable energy generation, and water treatment, operating in UAE, Qatar, Libya, and four African countries.
Cairo-based TAQA Arabia, a subsidiary of Qalaa Holdings, provides energy and utility services to 1.7 million customers in 50 Egyptian cities, including natural gas, electricity, renewable energy, petroleum products, and water.
It builds and maintains energy infrastructure, including gas transmission and distribution, in eight Egyptian governorates.