The National Service Projects Organization (NSPO) has acquired a 20% stake in TAQA Arabia, an equivalent of 27.5 million shares, at a price of EGP 1.6 billion (or $52.75 million), Al Ahram Newspaper reported.

The acquisition was completed via a stock repurchase agreement, according to which NSPO obtains a total of 27.5 million shares at an average price of EGP 6 per share.

The transaction was made in order to settle the debt owed by Qalaa Holdings, TAQA Arabia’s parent company.

According to the agreement, Qalaa can repurchase the sold shares after four years from the transaction date. The sold shares were owned by Silverstone Capital Investments, which is a subsidiary of Qalaa Holdings.

NSPO was established in 1979, and since then it has been involved in manufacturing civilian and military products, besides providing contracting services. The company’s diverse portfolio includes holdings in 22 entities across different sectors such as petrochemicals, agriculture, food production, mining, and energy.