{"id":589918,"date":"2023-07-11T00:00:00","date_gmt":"2023-07-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/11\/taqa-arabia-shares-up-sharply-in-second-debut\/"},"modified":"2023-07-11T00:00:00","modified_gmt":"2023-07-11T00:00:00","slug":"taqa-arabia-shares-up-sharply-in-second-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/11\/taqa-arabia-shares-up-sharply-in-second-debut\/","title":{"rendered":"Taqa Arabia shares up sharply in second debut"},"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\">A less chaotic second EGX debut for Taqa: <\/span><span style=\"\">Taqa Arabia had a decidedly less <\/span><span>chaotic second debut on the EGX yesterday, with the company\u2019s shares avoiding <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41d67e8b-4427-475c-b038-6a7b19bbba31\" style=\"\">the dramatic<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41d67e8b-4427-475c-b038-6a7b19bbba31\" style=\"\">fluctuations<\/a><\/span><span> seen on Sunday a<\/span><span>nd only a few transactions <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3D6YJ36\" style=\"\">reportedly<\/a><\/span><span> being canceled by the exchange.<\/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 company\u2019s shares closed at EGP 20.00<\/span><span> \u2014 some 125% higher than the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f7810d3-395f-4460-a59b-1f888ae45fb3\" style=\"\">EGP 8.90 apiece<\/a><\/span><span> price at which shares were valued ahead of the listing. Trading was moderate, with <\/span><span>801.3k of the company\u2019s shares<\/span><span> changing hands via <\/span><span>843 transactions for a combined EGP 15.7 mn<\/span><span style=\"font-weight:400;\">, according to EGX data. Traders will now be watching to see how far shares fluctuate from the EGP 20.00 price on which the market landed during yesterday\u2019s trading. <\/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\">Circuit breakers come back into play today: <\/span><span>The EGX usually only allows shares to rise or fall by 20% in a session before circuit breakers kick in and suspend trading. But in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1759b66c-5c5b-40ca-9d4b-45ef88b1c16a\" style=\"\">a decision announced<\/a><\/span><span> last week and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/365.png\" style=\"\">again yesterday<\/a><\/span><span style=\"font-weight:400;\">, the bourse suspended the rules for the first and second days of dealing in Taqa shares to allow shares to rise to a realistic value from their nominal value of EGP 0.50. Shares rose 3,900% during the day\u2019s trading from that starting value to hit the EGP 20.00 closing price. <\/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 first debut:<\/span><span>Taqa shares soared 83,000% on Sunday\u2019s trading, which the EGX attributed to 75 transactions worth just EGP 395k that it said were <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41d67e8b-4427-475c-b038-6a7b19bbba31\" style=\"\">executed by mistake<\/a><\/span><span style=\"font-weight:400;\">. A number of local and regional outlets quoted traders saying that several trades were executed at between EGP 380 and EGP 500, which was confirmed later by EGX boss Ramy El Dokany on Amr Adib\u2019s show, triggering the surge in the company\u2019s share price.<\/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\">REMEMBER- Taqa went public via a direct offering<\/span><span>, rather than going the conventional IPO route.<\/span><span style=\"font-weight:400;\">It listed its 1.35 bn shares on the exchange under the ticker TAQA and did not offer shares to the public. The technical listing simply allows existing shareholders to start buying and selling shares on the open market and should bring in new shareholders over time.<\/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\">All transactions were canceled on Sunday, but one: <\/span><span>A block transaction was executed on Monday involving the sale of EGP 3.7 bn worth of shares by the company\u2019s largest shareholder Silverstone Capital Investments \u2014 an entity controlled by Taqa parent Qalaa Holdings \u2014 to existing shareholders including Financial Holdings Investments and Rimco EGT Investments, according to three separate disclosures to the EGX (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/366.pdf\" style=\"\">here<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/367.pdf\" style=\"\">here<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/368.pdf\" style=\"\">here<\/a><\/span><span> \u2014 pdfs<\/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\">Silverstone offloads 60% of its shares in Taqa Arabia:<\/span><span style=\"font-weight:400;\"> Silverstone\u2019s ownership decreased to 49%, down from 80%, after selling 192.4 mn shares to Financial Holdings Investments whose ownership increased to 17.8%, up from 3.6%. Silverstone also sold 194 mn shares to Rimco whose ownership rose to 14.5%, up from 0.2%. Both transactions were executed at EGP 8.90 per-share.<\/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\">Advisors: <\/span><span style=\"font-weight:400;\">EFG Hermes quarterbacked the transaction, while Zulficar &amp; Partners provided counsel. Baker Tilly was the independent financial advisor and PwC was the auditor.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taqa Arabia share price soars 3,900% to EGP 20<\/p>\n","protected":false},"author":1,"featured_media":589919,"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":[102,68,72,78,613,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-qalaa-holdings","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"2a28f82a-3fe9-4dbb-8016-6274c2c510e3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/307.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Taqa Arabia shares close more than 2x up on assessed value on second EGX debut","related_issue":[589909],"teaser":"Taqa Arabia share price soars 3,900% to EGP 20","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.e2a85f1b-bc72-43a8-a25f-b727c0366ca3.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 up sharply in second debut - 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\/07\/11\/taqa-arabia-shares-up-sharply-in-second-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taqa Arabia shares up sharply in second debut\" \/>\n<meta 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&quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/326.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588079,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/taqa-arabia-to-debut-on-the-egx-by-mid-june-asharq\/","url_meta":{"origin":589918,"position":2},"title":"Taqa Arabia to debut on the EGX by mid-June -Asharq","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"The energy company will list its shares on the EGX this Thursday.","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/255.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":589918,"position":3},"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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