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Monday, 25 November 2019

TAQA Arabia to sell 30% stake in IPO on Egypt’s bourse next year

IPO WATCH- TAQA Arabia to IPO 30% next year, exact timing to depend on market conditions: Qalaa Holdings is planning to sell 30% of subsidiary TAQA Arabia’s shares in an IPO as early as next year,sources close to the transaction tell Al Mal. TAQA’s EGX debut is currently slated for 1H2020, but could be pushed to the second half of the year if the market conditions are not favorable during the first six months of 2020, the sources say. Qalaa Chairman Ahmed Heikal had told Reuters in an interview last month that the IPO could go ahead as early as 2Q2020.

The TAQA IPO will see the partial or full exit of some shareholders, including Saudi Arabia’s Al Rajhi Group and El Rashed, the sources say. Qalaa is planning to retain controlling stakes in the company and has no plans to sell down its stake during any IPO, a company official told Enterprise earlier this year.

Advisors: Qalaa has tapped EFG Hermes and HSBC to manage the IPO.

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