Saudi Arabia’s ACWA Power has appointed the chairman and vice chairman for the new term, which kicked off on January 5, 2022. 

For the next three years, Mohammad Abdullah Abunayyan will serve as chairman of the board of directors, the kingdom’s utility developer told the Saudi Stock Exchange (Tadawul) on Monday. 

The firm, which is 44 percent owned by Saudi Arabia’s Public Investment Fund (PIF), also said that executive member Suntharesan Padmanathan will serve as vice chairman of the board.  

The company develops, invests and operates power generation and desalinated water plants worldwide. It posted a net loss of 21.8 million riyals ($5.8 million) for the third quarter of 2021 compared to a net profit of 541.5 million a year earlier. 

The company has recently completed an initial public offering and listed on Tadawul in October 2021. 

(Writing by Cleofe Maceda; editing by Daniel Luiz ) 

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