Qalaa Holdings plans to float shares of 8 units on EGX

Egyptian investment bank aims to offer shares of its 55%-owned Taqa Arabia in Q2 of 2020 and the Egyptian Refining Co (ERC) in Q4-20 on the Egyptian bourse

  
Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: Qalaa Holdings plans to float shares of eight of its subsidiaries on the Egyptian Exchange (EGX) before the end of 2023, the company’s chairman Ahmed Heikal told Reuters.

The Egyptian investment bank aims to offer shares of its 55%-owned Taqa Arabia in Q2 of 2020 and the Egyptian Refining Co (ERC) in Q4-20 on the Egyptian bourse, Heikal added.

EFG Hermes and HSBC have been appointed as lead managers of the offering of Taqa Arabia.

The chairman affirmed that Qalaa Holdings won’t exit the ERC, Dina Farms, Taqa Arabia, and the National River Ports Management Company.

Heikal also noted that Qalaa Holdings will operate 100% of the ERC’s units in January, with plans to increase its annual refinery output capacity to 5.5 million tonnes by 2021 from the current 4.2 million.

Earlier, Qalaa Holdings revealed that it owns a 13.14% stake directly and indirectly in the ERC.

Source: Mubasher

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