TAQA Petroleum said, in a disclosure to the Egyptian Stock Exchange, on Tuesday, that it had submitted a non-binding offer to buy a stake in "Wataniya Petroleum", and that it had qualified for the second stage among the list of advanced companies competing for the deal, and was invited to start due diligence procedures.
Wataniya is wholly owned by the National Service Projects Organization (NSPO), which at the same time owns 20% of the shares of TAQA Arabia since July.
Today, press reports stated that the newly listed TAQA Arabia is competing with 3 other companies to acquire the national company, which Egypt offered to investors as part of the government's offering program.
According to reports, 4 companies have reached the stage of due diligence on Wataniya, in preparation for submitting final purchase offers to implement the deal between October and November 2023.
Wataniya was established in 1993 and owns about 225 fuel service stations, in addition to 20 stations under construction and 25 stations in the planning stage.
According to the disclosure, TAQA has not yet specified ways to finance the deal.
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