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Cairo-based energy distribution company TAQA Arabia, led by Egyptian executive Pakinam Kafafi, has become a prime attraction for investors after a block trading deal worth nearly $120 million. The deal occurred after the company’s listing on the Egyptian Exchange (EGX).
According to Mubasher, the most-preferred Arabic-language platform for equity market news in the Middle East and North Africa region, the block trading deal involved 414.81 million shares of TAQA Arabia, amounting to EGP3.69 billion ($119.4 million).
The recent development comes after TAQA Arabia, under the leadership of Pakinam Kafafi, listed 1.35 billion shares on the EGX.
The company received approval from the Listing Committee to float its shares under the utility sector, with an issued capital of EGP676.17 million ($21.85 million).
Expressing her satisfaction with the latest listing, Pakinam Kafafi, CEO of TAQA Arabia, highlighted its significance as the company enters a new phase of growth and expansion. Kafafi stated: “This marks a significant milestone in our journey towards success. We are actively expanding new and renewable energy projects, catering to diverse customers and sectors seeking clean and sustainable energy solutions.”
“Our journey began in Egypt, and we are driven by the determination to replicate our success story and expand our customer base across Africa and the Middle East,” Kafafi added.
As Egypt’s leading energy and utility provider, TAQA Arabia currently serves more than 1.7 million customers with daily energy needs.
The company specializes in building and operating energy infrastructure throughout the country, along with providing water treatment and desalination services to a diverse range of clients.
Kafafi, who is one of North Africa’s leading businesswomen, has played a pivotal role in TAQA’s growth. Under her leadership, the company successfully acquired and merged with several gas distribution firms, including BG, ENI, Edison, and AMEC.
Kafafi spearheaded TAQA Arabia’s business diversification strategy, leading the company’s foray into power generation, distribution, and the renewable energy market.
The company’s expansion plans and commitment to providing clean and sustainable energy solutions are expected to drive its growth throughout Africa and the Middle East.
