Saudi Arabian utility developer ACWA Power, partly owned by the sovereign Public Investment Fund, plans to repurchase 2 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)