National Service Projects Authority acquires 20% of TAQA Arabia

CAIRO - 25 July 2023: The National Service Projects Authority acquired 20 percent of TAQA Arabia’s shares for LE 1.63 billion, according to an Egyptian Stock Exchange statement.

The deal included the purchasing of 270,470,760 shares worth LE 1.629 billion, with the price of approximately LE 6.023 per share. 

The agreement between National Service Project Authority and Arab Energy Company states that the TAQA Arabia company has the right to gain back rights of the sold shares within 4 years of the deal completion date. 

Arab Energy made its debut on the Egyptian Stock Exchange market on July 10, 2023, excluding price limits after previous cancellation during the first trading day. 

Chairman of the Egyptian Stock Exchange Rami El-Dokany stated that TAQA Arabia’s debut will encourage the listing of private sector companies to join the Egyptian stock market. 

El-Dokany explained that the diverse sectorial listing will aid in enhancing the supply listing of the market, and create a suitable path for companies to expand through increasing liquidity, resulting in the country’s economic growth.