Qalaa Holdings, a leading MENA‑focused investment company, announced that its ownership stake in TAQA Arabia could rise from 6.2% currently to more than 55% by 2029 if it exercises its rights to purchase additional shares from other TAQA Arabia shareholders, according to a disclosure to the Egyptian Exchange (EGX).
The disclosure explains that Qalaa retains the right to buy 20% of Taqa Arabia’s shares from the military-affiliated National Service Projects Organisation (NSPO) in June 2027. If Qalaa chooses to use this right, its share in TAQA would increase to 26.2 per cent. In 2023, NSPO got the 20% stake from Qalaa Holding as part of a debt settlement agreement.
Furthermore, under the terms of another debt settlement, Qalaa holds a buyback option for a 17.68% stake that had been transferred to a consortium of Egyptian banks, including Banque Misr, Banque du Caire, Al Ahli Bank of Kuwait, and the Arab African International Bank. This buyback would push up Qalaa’s share in TAQA’s Equity to 43.8%.
In addition to these formal options, Qalaa intends to acquire an additional 11.45% stake from other existing shareholders, subject to applicable regulatory frameworks at the time of purchase. If these acquisitions are completed as planned, Qalaa’s ownership stake in TAQA Arabia would exceed 55%.
The disclosure came a few days after, TAQA Arabia signed an agreement with the NSPO to acquire a 10% in a newly established company to own and operate 172 fuel stations under the Wataniya brand.
The deal stirred a wave of inquiries by Qalaa shareholders, to which Qalaa reacted by releasing the disclosure outlining possible future stake increases.
Complementing these ownership changes, the disclosure noted that Qalaa continues to maintain a strong presence within TAQA Arabia’s management. Qalaa Chairman Ahmed Heikal chairs TAQA Arabia’s Strategy Committee and serves as a member of its Benefits and Remuneration Committee. Additionally, Qalaa Managing Director Hisham El Khazindar serves as another active member of the Strategy Committee.
Serving over 1.9 million customers, TAQA Arabia is the region’s first integrated energy and water utilities provider. Its four platforms include TAQA Gas for natural gas distribution, TAQA Power for conventional and renewable electricity, TAQA Petroleum with over 65 nationwide fuel stations, and TAQA Water for advanced water treatment solutions.
