In a strategic move aimed at expanding its service offerings, Cairo-based energy distribution giant TAQA Arabia, led by Egyptian executive Pakinam Kafafi, has announced the establishment of a new Egyptian joint stock firm, Aman TAQA for Electronic Payments Technology.
The newly-formed entity, boasting an initial share capital of EGP20 million ($650,000), is the result of a collaborative effort with Aman Holding for Non-Banking Financial Services Technology and Electronic Payments Company, along with Aman for Electronic Payments Technology Company.
Under the terms of this groundbreaking partnership, TAQA Arabia will hold a 49-percent stake in the share capital of the new firm.
TAQA Arabia, renowned as Egypt’s foremost energy and utility provider, currently serves a vast customer base of over 1.7 million individuals and businesses, meeting their daily energy requirements.
The company is widely recognized for its expertise in the construction and operation of energy infrastructure across the nation, in addition to offering water treatment and desalination services to a diverse clientele.
Kafafi, a prominent figure in North Africa’s business landscape, has played a pivotal role in TAQA’s remarkable growth trajectory. Under her visionary leadership, the company has successfully acquired and integrated several prominent gas distribution firms, including BG, ENI, Edison, and AMEC.
Earlier this year, TAQA Arabia made headlines when it listed 1.35 billion shares on the Egyptian Exchange (EGX). This move, boasting an issued capital of EGP 676.17 million ($21.85 million), signified TAQA Arabia’s commitment to continued growth and innovation within the energy and utility industry.
The establishment of Aman TAQA for Electronic Payments Technology underscores TAQA Arabia’s dedication to enhancing the daily lives of its customers and furthering its position as an industry leader in Egypt’s dynamic business landscape.
This strategic foray into the electronic payments sector is poised to reshape the financial services landscape and contribute to the country’s ongoing digital transformation
