Saudi Arabia’s Acwa Power is a national champion which is driving forward multiple power and water desalination projects domestically and overseas. It is a key plank of the government’s efforts to expand the private sector’s role in developing the economy and now intends to list shares on the domestic bourse in early October.
Acwa’s largest shareholder is Saudi Arabia’s PIF sovereign wealth fund, which has increased its holdings in the firm to 50% over the past year (MEES, 20 November 2020). Acwa will now issue 11.67% of its share capital through the IPO – 11.1% to be offered to the public and a further 0.57% to be allocated to employees. It says that the price announcement is scheduled for 27 September, with the individual investors’ subscription period opening on 29 September and closing on 1 October. Shares will then begin trading on the Tadawul on 6 October. (CONTINUED - 878 WORDS)