British, Ugandan investors buy 11.4 percent of Egypt's TAQA Arabia
Ugandan Nile Energy LTD company has bought 101.4 million shares for EGP 795.184 million, accounting for 7.5 percent of the company's shares.
Startford Investments, an investment company located in British Virgin Islands, acquired a 3.95 percent stake in TAQA for EGP 418.79 million.
The two investors bought their stakes from Egyptian company Silverstone Capital Investments, reducing the company's stake from 29.129 percent to 17.68 percent.
On 25 July, the Egyptian Army's National Service Projects Organization (NSPO) acquired a 20 percent stake in TAQA Arabia for EGP 1.63 billion ($52.75 million).
TAQA Arabia has submitted an offer to purchase fuel stations owned by Wataniya Petroleum, which is a subsidiary of NSPO.
The energy company was listed on the Egyptian Exchange (EGX) in June and trading on its shares started on 9 July.
TAQA Arabia serves over 1.7 million customers in 50 Egyptian cities with energy and utility services, including natural gas, electricity, renewable energy, petroleum products, and water.
It builds, runs, and upkeeps energy infrastructure, including gas transmission and distribution, in eight Egyptian governorates.
By 01:14 PM, Cairo time, TAQA Arabia's stock had risen by 16.63 percent to EGP 11.36, up from EGP 9.74 in the previous close on Wednesday.