Taqa Arabia, the full-service energy and utility provider in Egypt, has announced the start of trading of the group's shares on The Egyptian Exchange (EGX).

The shares started trading on June 9, 2023. This comes after receiving the EGX listing committee approval to list Taqa Arabia’s shares in the ‘Utilities’ sector under the ticker symbol (Taqa.CA).

The trading was attended by Rami El-Dokany, Executive Chairman of The Egyptian Exchange; Eng Khaled Abu Bakr, Chairman of Taqa Arabia; Pakinam Kafafi, CEO of Taqa Arabia; Karim Awad, Group CEO of EFG Holding and Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, which managed the listing of Taqa Arabia in the EGX.

Supply side

El-Dokany said: “The listing of a major group such as Taqa Arabia on EGX encourages more private sector companies to go public, which improves the supply side in the stock market. This is an indication of our successful efforts, in cooperation with the concerned state bodies, to simplify listing procedures, create an environment that encourages trading, and illustrate the advantages of listing.

“Being listed on EGX help companies achieve their potential growth and have easier access to necessary funds for their expansion plans on one side, while also improving market sectoral diversification, increasing its liquidity, and augmenting its depth; all of which have a positive impact on Egypt’s economic growth on the other side.”

"This marks a significant milestone in our journey towards success, as we strive to play a fundamental and impactful role not only in Egypt's energy sector, but also in Africa and the Middle East," said Bakr.

Favourable climate

"It reflects the stability and favourable climate we have experienced in Egypt over the past 10 years, along with the implementation of a robust reform strategy in the energy sector. Moreover, it showcases our 25 years of experience, marked by excellence and unwavering determination."

"We have unwavering confidence in the Egyptian stock market and its ability to attract regional and international investments. At Taqa Arabia, we are fully committed to expanding our portfolio of services, with the EGX playing a vital role in fulfilling our growth strategy as a reliable source of financing," Bakr added.

Key event

"Today, we are witnessing a key event in the remarkable journey of Taqa Arabia since its establishment in 2006. Over the past 17 years, the group has achieved unparalleled successes and remarkable accomplishments," stated Kafafi.

"Our dedicated team works around the clock, catering to the needs of over 1.7 million customers in more than 50 cities across Egypt. With a workforce of over 3,400 employees, we are committed to providing cutting-edge solutions to meet diverse energy and utility requirements, including natural gas, electricity, water treatment, and marketing petroleum products & lubes."

Gad said: “Taqa Arabia is the leading integrated energy and utility provider in Egypt, Africa and the Middle East, with a solid track record of achievements and strong growth potential. We are proud to support such a pioneering group in executing the largest listing in the EGX since 2021, which is also the first listing for a private company in the energy sector."

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