{"id":587995,"date":"2023-06-05T00:00:00","date_gmt":"2023-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/taqa-arabia-shares-to-be-listed-on-egx-this-week-ahead-of-direct-offering\/"},"modified":"2023-06-05T00:00:00","modified_gmt":"2023-06-05T00:00:00","slug":"taqa-arabia-shares-to-be-listed-on-egx-this-week-ahead-of-direct-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/taqa-arabia-shares-to-be-listed-on-egx-this-week-ahead-of-direct-offering\/","title":{"rendered":"Taqa Arabia shares to be listed on EGX this week ahead of direct offering"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> Taqa Arabia shares will be listed on the EGX on Thursday: <\/span><span style=\"\">The EGX\u2019s listing committee has <\/span><span style=\"\">signed off on the temporary listing of Qalaa Holdings\u2019 Taqa Arabia, the EGX said in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/118.jpg\" style=\"\">statement (pdf)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. Shares will be listed on the bourse on Thursday after which the company will have six months to meet listing requirements and obtain regulatory approvals.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">So this is the energy company El Dokany was talking about?<\/span><span style=\"\"> EGX boss Ramy El Dokany <\/span><span style=\"\">said last week that an unnamed energy company was preparing to join the bourse. In <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9929fbf2-1313-4507-a922-6d8ba8fcea5e\" style=\"\">an interview with CNBC<\/a><\/span><span style=\"font-weight:400;\"> on Wednesday, El Dokany said the EGX hopes to finish listing procedures within a week or two and for the company to debut on the exchange in the next two months.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This isn\u2019t an IPO per se:<\/span><span style=\"\"> The company will directly list its shares on the bourse, without offering <\/span><span style=\"font-weight:400;\">shares to investors via subscription.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The details: <\/span><span style=\"\">The energy company will list over 1.352 bn shares on the bourse at a nominal value of <\/span><span style=\"font-weight:400;\">EGP 0.50, giving it an issued capital of EGP 676.2 mn, the statement said. Trading will eventually take place under the ticker TAQA.CA.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What we don\u2019t know:<\/span><span style=\"\"> It remains unclear how much the company <\/span><span style=\"font-weight:400;\">wants to raise, how many shares it is considering selling, and when it wants to go ahead with the offering. A company representative declined to comment on the matter when we reached out yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s been a long time coming: <\/span><span style=\"\">Taqa Arabia was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70d5ed14-509a-4f44-a084-c72a5e41346a\" style=\"\">initially planning to IPO back in 2020<\/a><\/span><span style=\"\">, before its <\/span><span>plans were derailed by covid. Qalaa had <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a06003a-fb7d-4497-88e2-b51769b5b617\" style=\"\">reportedly planned<\/a><\/span><span style=\"font-weight:400;\"> to list 30-40% of the company in the first half of 2020. The company had reached a valuation and wrapped up all procedures for the sale prior to the pandemic, but had to conduct a new fair value study and revisit the size of the stake to list on the EGX.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Taqa Arabia is an attractive proposition:<\/span><span style=\"\"> Taqa Arabia is one of the leading companies in the <\/span><span>energy distribution and utilities. Its ope<\/span><span>rations span the growing gas, renewable energy and power sectors, and has experienced consistent revenue growth in recent years, with revenues growing at a 13% compound annual growth rate in the five years to 2022, <\/span><span>according to our math<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Taqa in 2022:<\/span><span style=\"\">Last year saw the company\u2019s revenues hit a record EGP 10.7 bn, up 18% from <\/span><span style=\"font-weight:400;\">2021, with solid growth across all of its segments. Taqa Gas\u2019 revenues rose 41% to EGP 2.7 bn on the back of the government\u2019s rollout of natural gas-powered vehicles and new residential connections under the Hayah Karima program. Meanwhile, revenues from Taqa Arabia Power increased 12% to EGP 1.8 bn due to rising distribution and generation volumes. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expansion plans:<\/span><span style=\"\"> \u201cWe are keen on scaling up our investments, services and project portfolio in <\/span><span>Egypt and the region. This requires finding sources of financing and increasing the group\u2019s capital in the coming period,\u201d <\/span><span>Chairman Khaled Abu Bakr was quoted as saying in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/147.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> yesterday. The company is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91c93976-5175-409f-ad7c-ede06a4f4214\" style=\"\">preparing to expand<\/a><\/span><span style=\"font-weight:400;\"> in Saudi Arabia via a joint venture with the Saudi Natural Gas Distribution Company.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taqa Arabia will offer 1.35 bn shares at EGP 0.50 per share<\/p>\n","protected":false},"author":1,"featured_media":587996,"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":[102,68,93,72,78,613,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-egx","tag-energy","tag-enterpriseam","tag-ipo-watch","tag-qalaa-holdings","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"f74bc612-225d-46ed-b938-e05bf7e980bf","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/119.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Taqa Arabia shares to be listed on EGX this week ahead of direct offering","related_issue":[587990],"teaser":"Taqa Arabia will offer 1.35 bn shares at EGP 0.50 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.0681b2c1-8b03-4a2b-a89b-7b28358fd2f4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Taqa Arabia shares to be listed on EGX this week ahead of direct offering - 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\/2023\/06\/05\/taqa-arabia-shares-to-be-listed-on-egx-this-week-ahead-of-direct-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taqa Arabia 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