Keen interest in ACWA Power from foreign investors: Chairman

The company plans to generate around $1bln from floating around 11% of its shares on the Saudi stock market

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

REUTERS/Ahmed Yosri
 
RIYADH: ACWA Power, the Saudi energy company backed by the Kingdom's sovereign wealth fund, says its $1bn share sale is attracting interest from Saudi and foreign investors, according to its chairman Mohammed Abunayyan.

Abunayyan explained that investors including Americans, Europeans and Asians are willing to invest in ACWA Power, whether they are investment funds, pension funds or major investment companies, he said in an interview with Asharq TV.

The company plans to generate around $1 billion from floating around 11 percent of its shares on the Saudi stock market.

ACWA Power will stick to its ambitious annual spending plans of around SR2.8 billion of its own money even after it goes public to double its assets over the next four years, Paddy Padmanathan, CEO of the energy and water company, told Arab News last week.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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