PHOTO
Saudi-based ACWA Power is to raise up to SAR 1.8 billion ($480 million) under its SAR 5 billion unlisted sukuk issuance programme, a bourse filing said today.
The Riyadh-based power company, which listed on the Saudi Stock Exchange, Tadawul, in 2021, said that it has commenced issuance, with a minimum subscription of SAR 1 million.
The private placement offer is targeted at institutional and qualified clients. HSBC Saudi Arabia and SNB Capital Company have been appointed as joint lead managers and book runners, the statement said.
The issuance is to be seven years in duration, with a call option on the fifth anniversary subject to market conditions, with the offering end date to be February 21 2023.
Acwa Power is headquartered in Saudi Arabia with offices in the UAE, Azerbaijan, China, Egypt, Ethiopia, Egypt, Jordan and Indonesia. The company operates power generation and desalinated water plants.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
