2023-07-10 19:31:54
Mostafa Reda – Mubasher: The performance of the Arab Energy stock witnessed leaps and big deals during the first two days of the first offering of the stock on the Egyptian Stock Exchange.
The “Mubasher” website monitors a chronological sequence of the process of offering Taqa Arabia’s shares on the Egyptian Stock Exchange, and the performance of the first 48 hours of the public offering.
– On June 4, the Securities Listing Committee in Egypt decided to temporarily list the shares of an Arab energy company for the purpose of direct trading without offering, with an issued capital of EGP 676,176 million.
The company’s capital is distributed over 1,352,353 billion shares, with a nominal value of 50 piasters per share, represented in six issues in the Egyptian Securities Listing Table.
On July 6, the Financial Supervisory Authority approved the registration of an Arab energy company in the register prepared by the authority for companies wishing to be listed and offered on the stock exchange. The authority decided to publish the disclosure report for the purpose of trading the shares of an Arab energy company on the Egyptian Stock Exchange.
– The disclosure report prepared for the purpose of trading shares of Arab energy capital without offering a text on the entry of the company’s total issued and paid-up capital shares, amounting to 1.35 billion shares, with a nominal value of 0.5 pounds per share, and its fair value is determined at 8.9 pounds per share.
– The Egyptian Stock Exchange announced that it will allow the start of trading on an Arab energy company, starting from the trading session on Sunday, July 9, at an opening price of 0.50 pounds per share (reference price – nominal value), without adhering to price limits or temporary suspension mechanisms in force during that session only.
On July 9, yesterday, which coincided with the first trading day for the offering, the stock exchange clarified the implementation of a deal through the mechanism of large-scale deals on Arab energy shares for 414.811 million shares, at a value of 3.691 billion pounds.
Pakinam Kafafi, CEO of Taqa Arabia, said that the company’s total investments during the current year amounted to about EGP 1.7 billion, and it is expected to increase during the coming period, and that Taqa Arabia has expansion plans in East Africa as a promising market, especially in Mozambique.
– Pakinam Kafafi said that the company intends to complete the procedures for establishing a company for it in the Kingdom of Saudi Arabia within a month from now, and it works in the field of new and renewable energy.
Yesterday, the Egyptian Stock Exchange management approved requests submitted by Hermes Brokerage Company and a number of financial brokerage companies to cancel the transactions that were carried out during today’s session on the shares of the “Arab Energy” company, due to their execution by mistake.
About 75 deals were executed by mistake by some individual investors, with a value of about 395,000 pounds on the shares of “Taqa Arabia” on the first trading days of the share on the Egyptian Stock Exchange, and it was decided to adjust the opening price for tomorrow’s Monday session to become 0.500 Egyptian pounds per share.
– The co-chair of the promotion and underwriting sector at EFG Hermes, Mostafa Gad, said that the listing of the “Arab Energy” company on the Egyptian Stock Exchange is the largest in Egypt since 2021, and the first listing of a private company in the field of energy.
– And on July 10 – today – the Egyptian Stock Exchange said that it was decided to allow trading in the shares of an Arab energy company in today’s trading session without being bound by the price limits, or the applicable temporary suspension mechanisms, provided that they are traded as of the next trading session – tomorrow, Tuesday – according to the mechanisms in force in the market in which it is listed.
– On the second trading day, Hermes Securities Brokerage Company said that Silverstone Capital reduced its stake in the capital of an Arab energy company from 79.81% to 49.13%, as Silverstone Capital sold 414.81 million shares of Arab Energy at a total value. The deal amounted to 3.69 billion pounds, at 8.9 pounds per share.
– Hermes Securities Brokerage stated that Rimco EGT Investments LLC raised its share in the capital stock of an Arab energy company from 0.174% to 14.49%, as Rimco EGT bought 193.54 million shares of Arab Energy at a value of The total value of the deal amounted to 1.722 billion pounds, at a price of 8.9 pounds per share.
– Financial Holdings Ivetsmemts increased its stake in the capital of an Arab energy company from 3.55% to 17.78%, as Financial Holding bought 192.4 million shares of Arab Energy, with a total value of the deal amounting to EGP 1.712 billion, at EGP 8.9 per share.
The stock exchange decided to cancel 44 transactions executed on Taqa Arabia during Monday’s session
– After an hour of trading, Taqa Arabia’s share jumped at record rates, reaching about 2600% during today’s trading, to trade at EGP 13.
– In the middle of trading, the share of TAQA Arabia continued its jumps during the middle of trading, to rise by 4120%, with trading without being bound by price limits.
– In the end, the share of “Taqa Arabia” reached a jump at the close of trading, rising by 3900%, with trading without being bound by price limits. The company’s share rose at a price of 20 pounds, compared to an opening price of 50 piasters, and traded at a value of 15.7 million pounds, with a volume of 801 thousand shares.
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