Pakinam Kafafi, CEO of Qalaa Holdings’ subsidiary “TAQA Arabia” said the company is beginning to take steps towards registering its shares on the EGX’s database ahead of an IPO.
TAQA Arabia had plans to IPO since 2020, but those plans were halted as a result of the pandemic. Kafafi said the decision of whether to offer existing shares or issue new ones for a capital raise is still being decided.
Companies going public on stock exchanges can unlock an extra source of capital to finance their businesses. TAQA Arabia has plans to invest EGP 32 billion over the coming four years, as well as increase the number of gas stations it has.
Sources speaking to Almal Newspaper said the company’s paid capital is more than the minimum EGP 100 million needed for listing on the EGX.
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