TAQA Arabia plans to delay its planned initial public offering (IPO) on Egypt’s stock market (EGX) to at least for the next five quarters, a source with knowledge of the matter told Daily News Egypt on Tuesday.
The decision is due to on the weak markets and lack of investment appetite, with the company’s IPO plans potentially stretching beyond the first quarter of 2022, the source added.
TAQA Arabia, a major natural gas distributor in Egypt and part of Qalaa Holdings, has ended financial year 2019/20 with 14 new gas stations, and is planning to add 40 stations over 2021, in addition to 60 stations in 2022 and 80 stations in 2023.
The company’s management referred that the yearly revenue per natural gas (CNG) station stands between 3 million and 3.5 million Egyptian pounds ($190,705 – $ 222,489).
TAQA is also anticipating a positive impact on its earnings from the new electric sub-station in 6th of October, which is set to open within 2-3 weeks. The company’s management recently announced a deal struck with Dina Farms, which will see the latter supply the former with electricity through a 6MW photovoltaic station.
