Taqa Arabia to launch USD175m IPO

12 Apr 2011

(MENAFN) Citadel’s managing director for institutional fundraising, Stephen Murphy, said that the private equity firm would participate in an initial public offering (IPO) for Taqa Arabia, its electricity and natural gas distributor, that could raise around USD175 million, reported the Arab News.

Murphy added that because of the political turmoil in Egypt, markets were closed and for that the company’s investments wouldn’t get the valuation it deserves, thus the company decided to delay the IPO from June till the end of the year.

Citadel’s chairman said that funds from the IPO would help Taqa to increase its investments in Egypt and the region.

It is worth noting that Citadel’s investments are estimated at USD8.3 billion, in both Middle East and East Africa, which include investments in agriculture and food processing, microfinance and transport sectors.

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