Egypt’s energy services provider Taqa Arabia is considering eight natural gas and power generation projects and plans a public offering on the stock market after it secures one of these projects, Al Bayan daily reports citing a company official.
“The public offering, which aims to finance Taqa Arabia’s planned expansion, won’t take place before the end of the current year,” said according to the paper Tamer Abubakr, Taqa’s board member.
He added that his company doesn’t object to a major investor buying a stake in it to help finance its projects.
Taqa Arabia is currently increasing its paid-up capital to 615 million Egyptian pounds ($112.3 million). It is 65% owned by Saudi and United Arab Emirates investors while the remaining 35% is held by Egypt’s Citadel Capital.