Saudi Exchange celebrates the listing of ACWA Power on the Main Market
Riyadh, 11 October 2021 – The Saudi Exchange today celebrated the listing of ACWA Power on Saudi Exchange’s Main Market through a listing ceremony. The ceremony was attended by Eng. Khalid Al Hussan, Chairman of Saudi Exchange, Mr. Mohammed Al Rumaih, CEO of Saudi Exchange, Mr. Mohammad Abunayyan, Chairman of ACWA Power, and Mr. Paddy Padmanathan, President and CEO of ACWA Power, alongside other leading board members.
Marking the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange, said: “We are delighted to celebrate the listing of ACWA Power on the Main Market. This is the largest offering in Saudi Exchange, since Saudi Aramco listing as this signals the strength of the Saudi Capital Market. The listing is strategically important for the Kingdom as ACWA Power is playing a significant role in Saudi Arabia’s transition to greener energy and its listing will enable it to unlock the necessary capital for growth and expansion. We welcome ACWA Power to the market and we will continue to enhance the investment opportunities available for local and international investors, and ultimately raise the attractiveness of the Saudi capital market.”
Mohammed Abunayyan, Chairman of ACWA Power, commented: “Over our 17-year history, ACWA Power has grown into a leading player in power, water and hydrogen driving the energy transition in Saudi Arabia and in twelve other countries around the world, supplying power and water reliably, responsibly and at low cost to support the sustainable social development and economic growth of nations and the wellbeing and happiness of communities across the world. “ He added: “We owe thanks to the CMA, the Saudi Exchange and all partners, institutions and our people who have greatly contributed to the success of our offering. It is a distinct pleasure to welcome new shareholders to the ACWA Power family as we continue to pave the way to a cleaner, greener future, supported by their trust and confidence in the bright future that lies ahead for us.”
ACWA Power issued 81.2 million shares, representing 11.1% of the company’s share capital. The issued shares were set at an offering price of SAR 56.
The subscription period ended on October 1st, 2021 the institutional investors oversubscribed to the offered shares by 248 times, drawing orders of nearly SAR 1.1 trillion, while retail investors oversubscribed of the shares of the offering over 200 times drawing orders exceeding SAR 9 billion. The company raised more than SAR 4.5 billion, making it the third largest offering in Saudi Exchange.
ACWA Power was established in 2004 and is a developer, investor and operator of power generation and desalinated water production plants. It employs approximately 3,500 people and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia.