Al Rajhi Holding Group to Restructure Acwa Power Internally
Acwa Power received a letter from Al Rajhi Holding Group which is one of the major shareholder in the company, as per Al Arabiya. The letter announced the shareholder’s intent to restructure internally.
Moreover, in a statement on the Saudi Tadawul, Acwa Power revealed Al Rajhi Holding Group’s plan. Their shares in the company will be transferred to investment portfolios of companies owned by the same shareholders of Al Rajhi Holding Group.
Thus, this move will alter the list of major direct shareholders in Acwa Power as listed on Tadawul.
Al Rajhi Holding Group currently holds approximately 11.205% of Acwa Power’s shares.
Acwa Power Most Recent Projects
ACWA Power has announced the first phase of its green hydrogen project in Uzbekistan.
In May 2023, the company signed agreements to purchase hydrogen and electricity during phase 1. It aims to produce 3,000 tons of green ammonia.
In the presence of Shavkat Mirziyoyev, President of the Republic of Uzbekistan, the company announced the start of the first phase of the green hydrogen project in Uzbekistan. It will have a production capacity of up to 3,000 tons annually.
The company is the leader in energy transformation and the largest private company in the field of water desalination in the world.
Furthermore, the foundation stone laying ceremony for the first phase of the project took place, with the participation of Shavkat Mirziyoyev, President of the Republic of Uzbekistan and Khalid Al-Falih, Saudi Minister of Investment.
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