Trading over TAQA Arabia’s shares has been postponed until after Eid Al-Adha holiday, sources told Daily News Egypt.
At the beginning of this month, the Egyptian Exchange (EGX) Listing Committee agreed to temporarily list the shares of TAQA Arabia for direct trading without offering, with an issued capital of EGP 676.2m, distributed over 1.35 billion shares, with a nominal value of EGP 0.50.
The sources added that the company was planning to start trading on its shares this week, and is awaiting approval of the disclosure report for trading. There are observations to monitor the indicative value of the share price.
The Financial Regulatory Authority’s (FRA) is essential for the listing and delisting of securities on the EGX, provided that the company is committed to completing the registration procedures and approving the disclosure report for the purpose of trading from the FRA within six months from the date of temporary registration. This is in implementation of Article (1) of the listing rules.
Trading the company’s shares shall not start until after it publishes the disclosure report approved by FRA. In all cases, it is not permissible to trade the company’s shares during the period from the date of temporary registration until the start of trading in these shares except with the approval of the Authority.
The temporary registration is considered null and void in the event that the aforementioned period expires without fulfilling the rest of the conditions and requirements for registration. The period may be extended with the approval of the Authority in cases it estimates based on the justifications and the time plan provided by the company to fulfill the registration requirements.