Qalaa will not sell shares in ARC and TAQA Arabia when they IPO

CLARIFICATION- Qalaa will not sell shares in ARC and TAQA Arabia when they IPO: Qalaa Holdings is planning to go ahead with an IPO of Arab Refining Company (ARC, the largest shareholder of the Egyptian Refining Company) and TAQA Arabia as early as 2020, but will not sell down its own stake in either company, a company official told Enterprise. At the same time, Qalaa Holdings plans to increase its stake in ERC, but not through a capital increase at the Qalaa Holdings level. Instead, the company will increase its indirect stake through a financing arrangement which is currently in advanced stages of negotiation, the firm said. As for the company buying a part of Qatar Petroleum’s stake in ERC, Qalaa Holdings wanted to clarify that is not looking to acquire Qatar Petroleum’s full stake in ERC.