A statement issued by the Egyptian Stock Exchange, issued yesterday, Monday, revealed that the National Service Projects Authority, the economic arm of the Egyptian army, acquired 20 percent of the shares of “Taqa Arabia” company, which specializes in providing gas and electricity services, according to what Reuters reported on Tuesday.
The statement, seen by Reuters, said the Egyptian Projects Authority acquired the shares for 1.6 billion Egyptian pounds ($51.86 million).
Taqa Arabia, which was founded in 2006, is one of the Citadel Capital Group companies, and operates in the gas and electricity sectors, as well as the distribution of petroleum products, solar energy and water.
Shares of an Arab energy company were offered for the first time on the Egyptian Stock Exchange on the ninth of July.
And when the company was put on the stock exchange, on the ninth of July, the share price rose from fifty piasters to nearly 500 pounds, according to my website.Egyptian today“, And”energyIn a rare matter that raised many question marks, even the trading process was canceled at the end of that day by a decision of the head of the Egyptian Stock Exchange, before the price fell the next day to 20 pounds.
And Al-Masry Al-Youm newspaper stated that “trading began on Arab Energy shares in Egypt, with a nominal value of 50 piasters per share, while the fair value of the company’s shares amounted to 8.90 pounds per share, which estimates the value of the company at 12 billion pounds.”
She added, “About 75 deals were executed by mistake by some individual investors, at a value of about 395,000 Egyptian pounds, on the shares of an Arab energy company, on the first trading days of the share on the Egyptian Stock Exchange.”
According to my site direct AndInvestingOn Tuesday, the share of an Arab energy company fell 3.83 percent, to reach 10.54 pounds.
EFG-Hermes, the bank that oversaw the sale, declined to comment.
2023-07-25 16:22:54
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