Saudi's ACWA Power gets CMA nod on $1.9bln rights issue
Saudi utility firm ACWA Power is set to increase its capital by up to SAR 7.125 billion ($1.9 billion) through a rights issue.
Saudi Arabia's Capital Market Authority (CMA) confirmed on Tuesday that it has approved the company's request to proceed with the offering.
The company, a unit of Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF), is expected to determine the price and number of shares to be offered after the extraordinary general assembly meeting.
Last year, the company's board of directors recommended the capital increase 'to anchor its growth strategy' of expanding the assets under management to $250 billion by 2030.
The company had anticipated that its average annual equity commitments would reach around $2.5 billion between 2024 and 2030, compared to an earlier range of $1 billion to $1.3 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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Mehta describes it as the physical manifestation of Petrochem's future – strategically located, digitally optimised, and built for scale. Regionally, the firm is doubling down on Egypt, where two terminals – one in Alexandria, the other in Port Said – anchor its North African plans. Jordan and Syria are next. 'We were there before,' he says of Syria. 'And now we're going back. We build capacity quietly, and we let the service speak.' On the horizon is a bold shift: specialty chemical manufacturing. Plans are already underway to commission facilities that cater to high-margin sectors like pharmaceuticals, coatings, and advanced materials. Parallel to this, new offices in Europe and the Americas are expected to open within five years. 'It's all about adjacency,' Mehta explains. 'If you do one thing really well, you look at the next five things your customer needs.' Asked if an IPO is on the horizon, Mehta waves it off with the ease of someone who doesn't need an exit. 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Khaleej Times
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