TAQA Arabia won’t be making its EGX debut in the near future

Qalaa Holdings’ TAQA Arabia won’t be making its EGX debut in the near future due to the potential for market volatility caused by the pandemic according to the local press.

Qalaa had reportedly planned to list 30-40% of its portfolio company in the first half of 2020.

The company had reached a valuation and wrapped up all procedures necessary for the sale prior to the pandemic, but now has to conduct a new fair value study and revisit the size of the stake to list on the EGX, the sources say.

Qalaa had tapped EFG Hermes and HSBC to manage the IPO, and Grant Thornton to take care of the fair value report.