Saudi Arabia’s Acwa Power finalized the terms of its $1.9bn rights issue during an extraordinary general assembly meeting on 1 July. Under the terms, Acwa will issue 33.93mn new shares at SAR210 each ($56). The company plans to use 75-85% of the proceeds on financing current and future projects, 0-20% on mergers and acquisitions and 0-5% on general business purposes. The rights issue is a crucial pillar of the “Acwa Power 2.0” growth strategy under which the firm plans to triple assets under management to $250bn by 2030 (MEES, 27 June).
According to the firm’s latest prospectus, the trading period and subscription period will commence on 6 July, with the trading period ending on 13 July and the subscription period on 16 July. (CONTINUED - 117 WORDS)