Cairo-based energy distribution company TAQA Arabia, led by Egyptian executive Pakinam Kafafi, has unveiled its intention to list 1.35 billion shares on the Egyptian Exchange (EGX) at a nominal value of EGP0.50 per share.
The EGX’s Listing Committee has granted approval for TAQA Arabia to trade its shares in the utility sector, solidifying its position as one of the country’s publicly listed firms.
Trading under the ticker name TAQA.CA, the company’s shares will provide the public with an opportunity to acquire stakes in the renowned full-service energy and utility provider.
This significant milestone marks TAQA Arabia’s dedication to expanding its operations and inviting public participation in its future endeavors.
Khaled Abu Bakr, chairman of TAQA Arabia, expressed his confidence in the Egyptian economy and its prospective growth, stating: “The authorization of listing TAQA Arabia’s shares today is a testament to our profound confidence in the Egyptian economy and its future growth.”
He underscored the listing as the culmination of nine years of stability, achievements, and reforms in the Egyptian energy sector, coupled with TAQA Arabia’s impressive 25-year track record.
Further emphasizing the company’s commitment to Egypt and the region, Abu Bakr highlighted their plans for increased investments, services, and project portfolio expansion.
He added: “Proceeding from Cairo, we are keen on scaling up our investments, services, and project portfolio in Egypt and the region. This requires finding sources of financing and increasing the group’s capital in the coming period.”
TAQA Arabia, Egypt’s leading energy and utility provider, serves more than 1.7 million customers daily and operates energy infrastructure throughout the country. Additionally, the company offers water treatment and desalination services to a diverse range of clients.
Under the leadership of Kafafi, named one of Egypt’s leading 50 influential women in 2016, TAQA Arabia has experienced remarkable growth.
Kafafi played a pivotal role in the acquisition and merger of several gas distribution firms, including BG, ENI, Edison, and AMEC.
She also spearheaded the company’s diversification strategy into power generation, distribution, and renewable energy markets.
As TAQA Arabia gears up for its final listing on the local bourse, investors, and energy enthusiasts alike eagerly anticipate the opportunity to participate in the company’s ongoing success story.
