- 24 Dec 2014
TAQA subsidiary celebrates oversubscribed IPO, first day of trading on Casablanca Stock Exchange
Abu Dhabi, United Arab Emirates – Jorf Lasfar Energy Company (JLEC), TAQA’s Moroccan subsidiary, opened for trading today on the Casablanca Stock Exchange after its initial public offering (IPO) was oversubscribed 6.69 times.
Abdelmajid Iraqui Houssaini, CEO of JLEC was joined by Mohamed Boussaid, Morocco’s Minister of Economy and Finance, and members of the JLEC management team to celebrate the first day of trading by ringing the opening bell in Casablanca.
JLEC, which operates Morocco’s largest power complex, issued a total of 2,234,638 new shares, offered at a price of MAD 447.5 with a nominal value of MAD 100. These shares represent 9.47% of JLEC. Prior to the IPO, 4.74% were secured through private placement by Moroccan institutional investors RMA Watanya, Société Centrale de Réassurance and Mutuelle Centrale Marocaine d’Assurances. TAQA retains 85.79% of JLEC.
Carl Sheldon, TAQA’s Chief Executive Officer, said: “The great demand for JLEC shares reflects the strength of TAQA’s power business in Morocco, where we are the market leader and have ambitious plans for growth. The kingdom’s energy needs are expected to double in the next seven years and TAQA will continue to be a vital partner in meeting this demand.”
Abdelmajid Iraqui Houssaini, Chief Executive Officer of JLEC, said: “Today’s listing gives Moroccans the chance to share in the growth of the kingdom’s largest power producer. With our new investor base, we are more strongly woven into the fabric of this fast-growing economy.”
TAQA has almost completed a USD 1.6 billion expansion of the Jorf Lasfar power complex, which will increase its generation capacity by 700 megawatts (MW) to 2,056 MW. Two new units are scheduled to be commissioned in 2014. When the expansion is complete, Jorf Lasfar will supply 50% of the Kingdom’s electricity.