Saudi Arabian utility developer ACWA Power, partly owned by the sovereign Public Investment Fund, plans to repurchase 20 million ordinary shares as treasury stock.

The share repurchase will be financed through the company’s internal resources once the proposal receives shareholder approval, the Tadawul-listed ACWA said in a bourse statement on Thursday.  

ACWA Power shares opened slightly up at 154.4 riyals ($41.17) on Thursday morning.  

(Writing by Brinda Darasha; editing by Seban Scaria)