The Egyptian Army’s National Service Projects Authority has acquired a 20% stake in an Arab energy company worth LE 1.6 billion.

Deal Details

The deal was completed in yesterday’s session by selling Silverstone Capital a 20% stake in the company at a price of £6.02 to reduce its post-deal ownership to 29% from 49% pre-deal.

Trading on Egyptian Stock Exchange

It is noteworthy that trading in Taqa Arabia shares will begin on the Egyptian Stock Exchange from July 10.

Listing on Egyptian Stock Exchange

The Egyptian Stock Exchange has agreed to list shares in Taqa Arabia with an issued capital of £676.2m distributed over 1.35bn shares with a par value of £0.5 per share.

About Taqa Arabia

The company was founded in 2006 and is one of the companies of Citadel Capital for Financial Investments, operates in the energy distribution sector in Egypt and is associated with 4 companies: TAQA Gas, TAQA for Electricity, TAQA for Petroleum Product Marketing, and TAQA for Water.

Source

Source: Egyptian media.