Cairo - Mubasher: The Egyptian Exchange (EGX) announced a block trading deal worth EGP 3.69 billion on the shares of TAQA Arabia.

The block deal was executed on 414.81 million of the recently-listed company's shares, according to a stock exchange statement.

Earlier on Sunday, TAQA Arabia listed 1.35 billion shares on the Egyptian Exchange (EGX) after obtaining the Listing Committee’s approval to float its shares under the utilities sector with an issued capital of EGP 676.17 million.

Khaled Abu Bakr, Chairman of TAQA Arabia, commented: "This marks a significant milestone in our journey towards success, as we strive to play a fundamental and impactful role not only in Egypt's energy sector but also in Africa and the Middle East."

"At TAQA Arabia, we are fully committed to expanding our portfolio of services, with the EGX playing a vital role in fulfilling our growth strategy as a reliable source of financing," Abu Bakr added.

Pakinam Kafafi, CEO of TAQA Arabia, noted: "We are actively expanding new and renewable energy projects, catering to diverse customers and sectors seeking clean and sustainable energy solutions.”

Kafafi continued: “Our journey began in Egypt, and we are driven by the determination to replicate our success story and expand our customer base across Africa and the Middle East."