Qalaa looking at early 2020 listing of TAQA, ERC

IPO WATCH- Qalaa looking at early 2020 listing of TAQA, ERC: Qalaa Holdings could IPO subsidiaries TAQA Arabia and the parent company of Egyptian Refining Company by early 2020, Managing Director Hisham El Khazindar said, according to Amwal Al Ghad. El Khazindar’s remarks come as the outlook for equity offerings in EM stabilizes after a meltdown earlier this year that prompted Egyptian companies planning fall equity offerings to move to the sidelines.

Background: We had quoted Qalaa Holdings Chairman Ahmed Heikal as having said in October a reasonable date for the listings should be around 4Q2019. ERC’s USD 4.3 bn refinery in Mostorod is slated to begin operating in May 2019 and hit its stride in revenue and profitability in the second half of the year.