{"id":78643,"date":"2023-07-26T01:00:57","date_gmt":"2023-07-26T01:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/07\/26\/egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia\/"},"modified":"2023-07-26T01:00:57","modified_gmt":"2023-07-26T01:00:57","slug":"egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/07\/26\/egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia\/","title":{"rendered":"Egypt\u2019s military-affiliated NSPO acquires 20% stake in Taqa Arabia"},"content":{"rendered":"

<\/a> Taqa Arabia welcomes a new shareholder:<\/strong> The Egyptian military-affiliated National Service Projects Organization (NSPO) acquired a 20% stake in recently-listed Taqa Arabia, according to a disclosure (pdf)<\/a> to the Egyptian bourse yesterday. The announcement, which disclosed both the buyer and seller, comes one day after one of the energy company\u2019s major shareholders executed a block trade<\/a> on Monday and transferred the proceeds to one of its unnamed creditors.<\/p>\n

What we know:<\/strong> The transaction, which was valued at EGP 1.63 bn, was executed on 270.4 mn shares at an average sale price of EGP 6.023 apiece, according to the statement, which disclosed both the buyer and seller\u2019s identities. It disclosed the seller as Silverstone Capital Investments \u2014 an entity controlled by Taqa Arabia parent company Qalaa Holdings \u2014 which will now hold a 29.1% stake in Taqa Arabia after the block transaction saw it selling its 20% stake in the company.<\/p>\n

All part of a previous agreement:<\/strong> The transaction was executed as part of a sale and repurchase agreement between Taqa Arabia\u2019s main shareholders \u2014 Silverstone Capital Investments, Qalaa Holdings, and Citadel Capital Partners \u2014 and one of Qalaa\u2019s creditors, the statement showed. Details on the debt owed by Qalaa Holdings were not made public.<\/p>\n

About NSPO:<\/strong> The NSPO is a military-affiliated entity operating in various sectors that include oil and gas, mining, food, agriculture and construction among others, according to its website<\/a>.<\/p>\n

Qalaa can rewind:<\/strong> Per the agreement, Qalaa can buy back the shares within four years of the transaction, the statement said.<\/p>\n

REMEMBER- <\/strong>Taqa Arabia\u2019s shares began trading on the EGX earlier this month<\/a> in what was seen as a disarrayed debut<\/a> following a technical listing. Silverstone Capital Investments has already offloaded its ownership in the company from 80% to 49% on its trading debut, selling shares to other major shareholders Financial Holdings Investments and Rimco EGT Investments.<\/p>\n

Advisors:<\/strong> EFG Hermes quarterbacked the transaction, according to the statement.<\/p>\n

Market reax:<\/strong> Taqa\u2019s shares dropped 3.8% yesterday to close at EGP 10.54 apiece.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taqa Arabia welcomes a new shareholder: The Egyptian military-affiliated National Service Projects Organization (NSPO) acquired a 20% stake in recently-listed Taqa Arabia, according to a disclosure (pdf) to the Egyptian bourse yesterday. The announcement, which disclosed both the buyer and seller, comes one day after one of the energy company\u2019s major shareholders executed a block […]<\/p>\n","protected":false},"author":1,"featured_media":78644,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[1212,11,79,1761,561],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-egx","tag-enterpriseclimate","tag-ma-watch","tag-nspo","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"5a7814c6-c11f-421d-af4a-20f582c6ee35","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1496.jpeg","photo_position":"above","related_issue":[78638],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s military-affiliated NSPO acquires 20% stake in Taqa Arabia - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/07\/26\/egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s military-affiliated NSPO acquires 20% stake in Taqa Arabia\" \/>\n<meta property=\"og:description\" content=\"Taqa Arabia welcomes a new shareholder: The Egyptian military-affiliated National Service Projects Organization (NSPO) acquired a 20% stake in recently-listed Taqa Arabia, according to a disclosure (pdf) to the Egyptian bourse yesterday. 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