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Arab Finance: Qalaa Holdings (CCAP) said it could become the majority shareholder in Taqa Arabia, with its ownership potentially exceeding 55% through a combination of future share purchase rights and planned acquisitions, as per a disclosure.
The company currently owns approximately 6.2% of Taqa Arabia's shares. Beyond its existing stake, Qalaa holds the right to acquire 20% of Taqa Arabia from the National Service Projects Organization (NSPO) in June 2027.
It also has the right to purchase a 17.68% stake in Taqa Arabia in September 2029. This stake was transferred to a group of banks, including Banque Misr, Banque du Caire, Al Ahli Bank of Kuwait, and Arab African International Bank, as part of a settlement agreement.
Moreover, Qalaa intends to acquire an additional 11.45% stake from other shareholders, subject to the regulations governing such transactions at the time of execution.
The disclosure was made in response to shareholder inquiries regarding Qalaa's relationship with Taqa Arabia and its future ownership position in the energy and utilities company.
Qalaa also highlighted its involvement in Taqa Arabia's board committees. Ahmed Heikal, Chairman of Qalaa Holdings, chairs Taqa Arabia's strategy committee, while Hisham El Khazindar, Qalaa's Managing Director, serves as a member of the committee. Heikal is also a member of Taqa Arabia's Benefits and Remuneration Committee.
Recently, NSPO signed an agreement with Taqa Arabia to transfer ownership of a stake in 172 fuel stations operating under the Wataniya Petroleum Company's brand and place their management and operation under a newly established company, Quick Fuel for Trading and Distribution of Petroleum Products.
Under the agreement, the fuel stations, currently owned by the NSPO and operating under the Wataniya brand, will be transferred to Quick Fuel following a restructuring and reorganization process aimed at preparing the assets for a new phase of operation and expansion in partnership with the private sector.
