Energy distribution company Taqa Arabia has postponed the start of trading of its shareson the EGX until after Eid, Al Borsa reports, citing sources it says have knowledge of the matter.

What we know:Asharq Business reported earlier this month that the company’s shares would begin trading on the EGX by Monday, 19 June, just weeks after it received regulatory approval to go public. The exchange earlier this month gavethe Qalaa Holdings subsidiary the greenlight to list its 1.352 bn shares on the bourse. Rather than going the conventional route of holding an initial public offering, the company will sell shares directly on the bourse.

And what we don’t: Al Borsa’s sources did not disclose the reason for the delay. The company did not respond to our request for comment yesterday. It is also unclear how many shares the company plans to sell to the public or how much it hopes to raise.

About the company: Taqa Arabia is one of the country’s leading energy distribution and utility companies, with operations spanning gas transmission and distribution, power, renewable energy and water. The company has EGP 676.2 mn of capital split between 1.352 bn shares. Qalaa owns about 55% of the company, with the remaining shares reportedly split between at least 300 other shareholders.

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