Cairo – Mubasher: Qalaa Holdings is planning to float shares of two subsidiaries on the Egyptian Exchange (EGX) next year, the company’s chairman Ahmed Heikal told CNBC Arabiya.

Taqa Arabia’s shares will be offered in the second quarter of 2020, while Arab Refining’s shares will be offered in Q4-20, Heikal revealed.

In October, the top official said that Qalaa Holdings plans to float shares of eight of its subsidiaries on the EGX before the end of 2023.

It is noteworthy that Qalaa turned to losses during the first half of 2019, incurring net losses of EGP 449.6 million.