CMA approves ACWA Power’s request to offer 81.2 mln shares in IPO

ACWA Power logo

The Capital Market Authority (CMA) board issued a resolution approving the application of International Company for Water and Power Projects (ACWA Power) for the offering of 81.2 million shares, representing 11.1% of the company's share capital.

The company’s prospectus will be published within sufficient time prior to the start of the subscription period, CMA said in a statement.

The CMA’s approval on the application will be valid for six months from the resolution date. The approval will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

ACWA Power is a developer, investor and operator of a group of power generation and water desalination plants, and its portfolio currently includes 64 plants that are in operation, construction or in advanced stages of development.

The investment value of the company's portfolio is more than $66.1 billion, producing 42 gigawatts (GW) of electricity and 6.4 million cubic meters of desalinated water per day.

According to the data compiled by Argaam, ACWA Power was established in 2004 in Saudi Arabia, and is 50%-owned by the Public Investment Fund (PIF), after raising its stake last November from 33.36%.

The company employs about 3,500 people, accounting for 60% of local employment in 13 countries in the Middle East, North and South Africa, and Southeast Asia regions, where it operates in 13 markets.

ACWA Power announced this month that it succeeded in raising SAR 2.8 billion through a seven-year Shariah-compliant floating rate sukuk.

For More IPOs