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Tuesday, 1 February 2022

Taqa Arabia eyes 2023 EGX debut

Qalaa Holdings’ Taqa Arabia is looking to make its EGX debut next year, Al Mal quoted CEO Pakinam Kafafi as saying. She didn’t provide details about the potential offering, saying only that it will depend on market conditions.

Taqa Arabia was initially planning to IPO back in 2020, before its plans were derailed by covid. Qalaa had reportedly planned to list 30-40% of its portfolio company in the first half of 2020. The company had reached a valuation and wrapped up all procedures for the sale prior to the pandemic, but now has to conduct a new fair value study and revisit the size of the stake to list on the EGX.

Advisors: EFG Hermes and HSBC — which were originally tapped by Qalaa to manage the IPO back in 2020 — could still advise on the offering, according to Kafafi.

Taqa Arabia wasn’t the only Qalaa subsidiary with an IPO on its horizon: Qalaa had planned to list the parent company of its Egyptian Refining Company (ERC) in 4Q2020, with bulge-bracket fixtures JPMorgan, Citigroup and Goldman Sachs vying for the mandate alongside EFG Hermes, HSBC and Renaissance Capital. That was before the pandemic upended the global economy and the collapse of oil prices into negative territory. ERC’s earning ability is tightly linked to global oil prices.

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