Egypt’s Qalaa Holdings plans IPOs of two subsidiaries in 2020

By Amwal Al Ghad English On Oct 24, 2019

Ahmed Heikal Qalaa Holdings — Qalaa Holdings Chairman Ahmed Heikal at Qalaa's section at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015. (Photo Credit: REUTERS/Amr Abdallah Dalsh)

Egypt’s Qalaa Holdings, one of the country’s largest investment companies, will offer shares of two of its subsidiaries on the local stock market by 2020, chairman said on Sunday.

The companies are Taqa Arabia and Arab Refining Co, set to offer some shares on the stock market in the second and fourth quarters of 2020, Ahmed Heikal told Reuters Arabic in an interview. Heikal did not give details of the quantity of shares to be sold.

Qalaa owns around 55 percent stake in Taqa Arabia.

“The company plans to offer shares of eight subsidiaries on the Egyptian bourse before the end of 2023. Taqa will be the first within the second quarter of 2020.” Heikal said.

EFG Hermes and HSBC will act as the lead arranger of Taqa’s public offering, he added.