Dubai, UAE — Egyptian Exchange on Sunday approved the listing of 1.35 billion shares of Egypt’s largest private sector energy distribution company, TAQA Arabia.
The shares, at a nominal value of Egyptian Pound 0.50 apiece, will be listed in Egypt Listed Securities.
From Sunday, TAQA Arabia’s shares shall be added to EGX database under the ticker symbol TAQA.CA, and it will be allocated in the utilities sector.
“The authorization of listing TAQA Arabia’s shares today is a testament to our profound confidence in the Egyptian economy and its future growth,” Khaled Abu Bakr, Chairman of TAQA Arabia, said in a statement.
“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,” Abu Bakr added.
TAQA Arabia serves more than 1.7 million domestic, industrial, tourist, and commercial customers with their daily needs of natural gas, electricity, renewable energy, petroleum products, and water in 50 Egyptian cities, the company said.
TAQA Arabia invests, constructs, and operates and maintains energy infrastructure including gas transmission and distribution in eight governorates, conventional and renewable power generation and distribution, water treatment and desalination services in many governorates, as well as marketing oil products and lubricants throughout several retail fuel stations across the country throughout “TAQA” stations”.