EGX cancels all Taqa Arabia’s shares transactions during its debut

CAIRO - 9 July 2023: The Egyptian Stock Exchange (EGX), announced Sunday the cancellation of all operations, offers and requests on Taqa Arabia’s shares during the company’s first trading session.

 

This came as a result of the approval of the requests submitted by Hermes Company and a number of financial brokerage firms to cancel the transactions that were carried out during Sunday’s session on the shares of Taqa Arabia Company, due to their execution by mistake.

 

About 75 deals were carried out “by mistake,” according to the EGX statement, by some individual investors, with a value of about LE 395,000, on Taqa Arabia’s debut.

 

The stock surged by 86,000 percent, through the trades that were canceled, to about LE 430 from its opening price at 50 piasters.

 

Taqa Arabia’s share began trading its shares on the EGX market to the public today, after receiving approval from the Egyptian Exchange listing committee. The company was also given the green light from the Financial Regulatory Authority last week. 

 

Taqa has a capital of more than LE 676 million split between 1.352 billion shares, with value of 0.50 per share. The company plans to sell their shares through direct offering, rather than an IPO. Taqa Arabia’s shares have been valued at LE 8.90 per share valuing the company at LE 12 billion according to a regulatory filing last week.

 

Qalaa Holdings owns about 55 percent of the company and the remaining is distributed between 300 shareholders. 

 

Taqa Arabia is a leading energy distributor and utility company that works on spanning gas transmission, renewable energy, power generation, and water.