Arab Finance: TAQA Arabia is planning to float its shares on the Egyptian Exchange (EGX) during 2023, the firm’s Executive Chairman Khaled Abubakr told Asharq Business on February 14th.
Abu Bakr added that the firm is expected to pump about EGP 32 billion in investments during the period from 2023 to 2027.
The company also seeks to increase the number of its natural gas stations to 100 this year from 61 stations now.
Despite being a private company, it aims to take advantage of the momentum that the Egyptian market may witness after resuming the government IPO program.
On February 9th, Prime Minister Mostafa Madbouly announced that Egypt looks forward to offering shares in up to 32 companies for sale on the EGX to strategic investors, or a mix of both.
TAQA Arabia was established in 2006, and is a subsidiary of Qalaa Holdings.
It operates in the energy distribution sector in Egypt through four arms: TAQA Gas, TAQA Power, TAQA Petroleum, and TAQA Water.