TAQA Arabia, the full-service energy and utility provider in Egypt, announced today the start of trading of the group’s shares on The Egyptian Exchange (EGX). The shares to start trading at 10:00 am on Sunday June 9, 2023. This comes after receiving the EGX listing committee approval to list TAQA Arabia’s shares in the ‘Utilities’ sector under the ticker symbol (TAQA.CA).
The trading was attended by Mr. Rami El-Dokany, Executive Chairman of The Egyptian Exchange; Eng. Khaled Abu Bakr, Chairman of TAQA Arabia; Mrs. Pakinam Kafafi, CEO of TAQA Arabia; Mr. Karim Awad, Group CEO of EFG Holding and Mr. Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, which managed the listing of TAQA Arabia in the EGX.
Mr. Rami El-Dokany, Executive Chairman of The Egyptian Exchange, congratulated TAQA Arabia on the start of trading, saying: “The listing of a major group such as TAQA Arabia on EGX encourages more successful private sector companies to go public, which improves the supply side in the stock market. This is an indication of our successful efforts, in cooperation with the concerned state bodies, to simplify listing procedures, create an environment that encourages trading, and illustrate the advantages of listing. Being listed on EGX help companies achieve their potential growth and have easier access to necessary funds for their expansion plans on one side, while also improving market sectoral diversification, increasing its liquidity, and augmenting its depth; all of which have a positive impact on Egypt’s economic growth on the other side”.
“We are honored to participate in the ‘Ringing the Bell’ event at the Egyptian Exchange, celebrating the trading of TAQA Arabia’s shares. This marks a significant milestone in our journey towards success, as we strive to play a fundamental and impactful role not only in Egypt’s energy sector, but also in Africa and the Middle East,” said Eng. Khaled Abu Bakr, Chairman of TAQA Arabia. “Today’s achievement reflects the stability and favorable climate we have experienced in Egypt over the past 10 years, along with the implementation of a robust reform strategy in the energy sector. Moreover, it showcases our 25 years of experience, marked by excellence and unwavering determination”.
“We have unwavering confidence in the Egyptian stock market and its ability to attract regional and international investments. At TAQA Arabia, we are fully committed to expanding our portfolio of services, with the EGX playing a vital role in fulfilling our growth strategy as a reliable source of financing,” Abu Bakr added.
“Today, we are witnessing a monumental event that marks a notable breakthrough in the remarkable journey of TAQA Arabia since its establishment in 2006. Over the past 17 years, the group has achieved unparalleled successes and remarkable accomplishments,” stated Pakinam Kafafi, CEO of TAQA Arabia. “Our dedicated team works around the clock, catering to the needs of over 1.7 million customers in more than 50 cities across Egypt. With a workforce of over 3,400 employees, we are committed to providing cutting-edge solutions to meet diverse energy and utility requirements, including natural gas, electricity, water treatment, and marketing petroleum products & lubes”.
Kafafi further emphasized the group’s solid commitment to supporting the state’s green transformation efforts, affirming, “We are actively expanding new and renewable energy projects, catering to diverse customers and sectors seeking clean and sustainable energy solutions. Our journey began in Egypt, and we are driven by the determination to replicate our success story and expand our customer base across Africa and the Middle East”.
During the event, Mr. Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, shared his delight for the listing of TAQA Arabia on the EGX, given the thirst for new investment opportunities especially in one of the most vital sectors Gad added: “TAQA Arabia is the leading integrated energy and utility provider in Egypt, Africa and the Middle East, with a solid track record of achievements and strong growth potential. We are proud to support such a pioneering group in executing the largest listing in the EGX since 2021, which is also the first listing for a private company in the energy sector. This type of listing on EGX enables companies to directly access capital to support their growth plans, as well as facilitating and accelerating the promotion of any potential future deals or offerings. EFG Hermes, is always keen to offer new investment opportunities for local and foreign investors, which contribute to the growth of the capital market and support the Egyptian economy”.
It is noteworthy that EGX Listing Committee has approved listing TAQA Arabia on EGX, with 1,352,353,800 shares at a nominal value of EGP 0.50 per share and an issued capital of EGP 676,176,900, in the utilities sector under the ticker symbol (TAQA.CA). Through this listing, TAQA Arabia aims to pursue its strategy of providing the best solutions to its customers and to advance its projects in the fields of clean and green energy across various governorates, leveraging the state’s sustainable development strategy “Egypt Vision 2030”.
