{"id":567593,"date":"2020-12-01T03:59:35","date_gmt":"2020-12-01T03:59:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/01\/taqa-arabia-the-latest-ipo-to-lose-steam-thanks-to-covid\/"},"modified":"2020-12-01T03:59:35","modified_gmt":"2020-12-01T03:59:35","slug":"taqa-arabia-the-latest-ipo-to-lose-steam-thanks-to-covid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/01\/taqa-arabia-the-latest-ipo-to-lose-steam-thanks-to-covid\/","title":{"rendered":"TAQA Arabia the latest IPO to lose steam thanks to covid"},"content":{"rendered":"

<\/a> Qalaa Holdings\u2019 TAQA Arabia won\u2019t be making its EGX debt in the near <\/strong>future<\/strong> due to the potential for market volatility caused by the pandemic, the local press<\/a> reported yesterday, quoting sources close to the matter. Qalaa had reportedly planned<\/a> to list 30-40% of its portfolio company in the first half of 2020. The company had reached a valuation and wrapped up all procedures necessary for the sale prior to the pandemic, but now has to conduct a new fair value study and revisit the size of the stake to list on the EGX, the sources say. Qalaa had tapped EFG Hermes and HSBC to manage the IPO, and Grant Thornton to take care of the fair value report.<\/p>\n

If TAQA is mothballed for now, it also means we\u2019re unlikely to see ARC list.<\/strong> Pre-pandemic, Qalaa had planned to list the parent company of its Egyptian Refining Company (ERC) in 4Q2020, with bulge-bracket fixtures JPMorgan, Citigroup and Goldman Sachs vying for the mandate alongside EFG Hermes, HSBC and Renaissance Capital. That was before the turmoil that swept EM \u2014 and the collapse of oil prices into negative territory. ERC\u2019s profitability is tightly linked to global oil prices.<\/p>\n

The EGX has only seen one IPO since the beginning of the year \u2014 and none since the<\/strong> pandemic took hold<\/strong> thanks to a downturn in trading and a decrease in the number of stocks listed on global benchmarks. Small cap real estate investment firm Emerald had debuted in February<\/a>, but many other planned listings \u2014 including Banque du Caire<\/a>, E-Finance<\/a> and Nile Air<\/a> \u2014 have been postponed.<\/p>\n

Who\u2019s going to break the dry spell? <\/strong>LSE-listed consumer healthcare company Integrated<\/a>Diagnostics Holdings (IDH)<\/a> could end the dry spell, announcing earlier this month it is considering<\/a> a dual listing of ordinary shares on the EGX. And CI Capital is reportedly mulling the listing in 1Q2021<\/a> of c. 40% of Taaleem, its education management business, which runs the country\u2019s largest private-sector medical school, among other things.<\/p>\n

State-affiliated football club Ghazl El Mahalla\u2019s planned listing<\/strong> is moving forward<\/strong>, with the Public Enterprises Ministry planning to select an investment bank to quarterback the transaction within the next few days, Minister Hisham Tawfik tells Masrawy<\/a>. The ministry is planning to list around 66% of the joint-stock company it set up earlier this year<\/a> to take the sports club public, Tawfik said.<\/p>\n

Did someone say Banque du Caire?<\/strong> The state-owned bank has submitted a request to halve the book value of its shares from EGP 4 to EGP 2, Hapi Journal<\/a> reports, citing an EGX disclosure. This will mean that the bank\u2019s EGP 5.25 bn in share capital is now distributed over c. 2.63 bn shares instead of c. 1.31 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Qalaa Holdings\u2019 TAQA Arabia won\u2019t be making its EGX debt in the near future due to the potential for market volatility caused by the pandemic, the local press reported yesterday, quoting sources close to the matter. Qalaa had reportedly planned to list 30-40% of its portfolio company in the first half of 2020. The company […]<\/p>\n","protected":false},"author":1,"featured_media":567594,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7224],"tags":[726,84,93,72,2560,490,78,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-banque-du-caire","tag-efg-hermes","tag-energy","tag-enterpriseam","tag-grant-thornton","tag-hsbc","tag-ipo-watch","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"70d5ed14-509a-4f44-a084-c72a5e41346a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/15.jpg","photo_position":"above","related_issue":[567589],"teaser":"","voice_url":""},"yoast_head":"\nTAQA Arabia the latest IPO to lose steam thanks to covid - EnterpriseAM Egypt<\/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\/egypt\/2020\/12\/01\/taqa-arabia-the-latest-ipo-to-lose-steam-thanks-to-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TAQA Arabia the latest IPO to lose steam thanks to covid\" \/>\n<meta property=\"og:description\" content=\"Qalaa Holdings\u2019 TAQA Arabia won\u2019t be making its EGX debt in the near future due to the potential for market volatility caused by the pandemic, the local press reported yesterday, quoting sources close to the matter. 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She didn\u2019t provide details about the potential offering, saying only that it will depend on market conditions.Taqa Arabia was initially planning to IPO back in 2020, before its plans were\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593327,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/25\/taqa-arabia-to-sell-30-stake-in-ipo-on-egypts-bourse-next-year\/","url_meta":{"origin":567593,"position":2},"title":"TAQA Arabia to sell 30% stake in IPO on Egypt\u2019s bourse next year","author":"enterpriseam admin","date":"25 November 2019","format":false,"excerpt":"IPO WATCH- TAQA Arabia to IPO 30% next year, exact timing to depend on market conditions: Qalaa Holdings is planning to sell 30% of subsidiary TAQA Arabia\u2019s shares in an IPO as early as next year,sources close to the transaction tell Al Mal. 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