Taqa Arabia takes a stumble on its EGX debut: Taqa Arabia began trading on Egypt’s bourse yesterday under the ticker TAQA after getting the green light from the EGX’s listing committee last week (pdf) but faced a transaction reversal on its first day, according to a statement (pdf) and an EGX news bulletin. The EGX board decided to reverse all transactions carried out on the shares of the Qalaa Holdings energy distribution subsidiary and reset the company’s share price to EGP 0.50 apiece, the bulletin read.

A bumpy start: The EGX board’s decision came on the heels of a request by the transaction’s broker, EFG Hermes, along with other brokerage companies to reverse all transactions that happened on the share saying that some 75 transactions worth EGP 395k were executed by mistake, according to a separate news bulletin. These were compounded by another EGP 3.7 bn block transaction, leading the share price to close up 83,500% at EGP 418.5 apiece at the end of trading.

What we know about the listing: Taqa sold shares to public investors via a direct offering, rather than going the conventional IPO route. Under the scheme, Taqa Arabia sold 1.35 mn shares at a nominal value of EGP 0.50 per share and an issued capital of EGP 676.1 mn, according to the statement.

Advisors: EFG Hermes is quarterbacking the transaction, while Zulficar & Partners are providing counsel. Baker Tilly is the independent financial advisor and PwC is the auditor, according to a regulatory filing (pdf) released last week.

About the company: Taqa Arabia is one of Egypt’s leading energy distribution and utility companies, with operations spanning gas transmission and distribution, power, renewable energy, and water. The company’s shares were valued at EGP 8.90 a piece, handing the company an EGP 12 bn (USD 393 mn) valuation, according to the regulatory filing, and has EGP 676.2 mn in capital split between 1.352 bn shares. Qalaa indirectly owns about 55% of the company, with the remaining shares reportedly split between at least 300 other shareholders.

Green project bonanza in Egypt: Taqa Arabia said in the statement that it plans to “advance its projects in the fields of clean and green energy across various governorates” through the listing. Taqa Arabia is among 17 regional and international consortiums that prequalified recently for the tender process for several desalination plants in Egypt as part of the first phase of the government’s desalination program. They are also part of a consortium conducting feasibility studies on new projects to setting up a USD 4 bn green hydrogen project with France’s Voltalia in Egypt, CEO Pakinam Kafafi told Asharq Business (watch, runtime: 2:08), adding that the first phase set to realize a 100 MW electrolyzer capacity.

Taqa is also spreading regionally: The company plans to soon set up a company focused on new and renewable energy in Saudi Arabia, Kafafi told Mubasher in an interview. Taqa Arabia is hoping to finalize procedures for establishing the company within a month, she added, saying a Gulf expansion is anticipated amid the region’s accelerated renewable energy transition. Kafafi added that Taqa is also eyeing an East African expansion, especially in Mozambique.

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