Saudi’s ACWA Power to Raise 7.1B Riyals via Rights Issue

Saudi’s ACWA Power announced the company’s Board of Directors’ recommendation to increase its capital by 7.125 billion riyals through the offering of rights shares.

The company said in a statement on Saudi Tadawul on Tuesday that this strategy will allow the company to consolidate its growth strategy. It also aims to triple its assets under management by 2030 and strengthen its financial position.

The company added that shareholders who owned shares on the day of the extraordinary general assembly will be eligible. It also decided to increase the capital by offering priority rights shares to those listed in the issuer’s shareholder register at the depository center.

ACWA Power said the Board of Directors’ recommendation needs approval from the relevant authorities and shareholders.

The company noted that it will be announced later that the financial advisor has been appointed to offer priority rights shares and submit the capital increase application file to the Capital Market Authority.

ACWA Power expects its average annual investment to rise significantly to $2 billion – $2.5 billion between 2024 and 2030, up from $1 billion – $1.3 billion annually in the previous period. This increase will enable the company to invest in portfolio growth while maintaining a strong financial position.

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