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Thursday, 5 March 2020

Qalaa hires Grant Thornton for TAQA Arabia fair value study

IPO WATCH- Qalaa hires Grant Thornton for TAQA Arabia fair value study: Qalaa Holdings has hired audit and advisory firm Grant Thornton to conduct a fair value assessment ahead of the IPO of its subsidiary TAQA Arabia, scheduled to take place in 2Q2020, the local press reports, citing informed sources. Qalaa could offer a 25% stake in the company valued at around EGP 1-1.2 bn, but a final determination will be made following Grant Thornton’s assessment.

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

Background: Qalaa Holdings is planning to list several of its subsidiaries this year, with the TAQA Arabia IPO scheduled to take place in 2Q and the Arab Refining Company (ARC) in 4Q. Qalaa Chairman Ahmed Heikal had previously said that Qalaa plans to take all eight of its existing subsidiaries to market intermittently until 2023, but the timeline has been drawn out. Qalaa is planning to retain controlling stakes in all eight companies, and will not sell down its stakes in either ARC or TAQA when they IPO, a company official told Enterprise last year.

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