Saudi Arabia’s CMA gives green light for ACWA Power IPO

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, said in November it increased its stake in ACWA Power to 50% from 33.6%. (Reuters/File Photo)
Short Url
Updated 01 July 2021
Follow

Saudi Arabia’s CMA gives green light for ACWA Power IPO

  • The regulator explained that the approval of the application is valid for a period of 6 months

RIYADH: Saudi Arabia's Capital Market Authority said on Wednesday it has approved an initial public offering of an 11.1% stake in ACWA Power.

ACWA Power, which delayed IPO plans in 2018, leads a consortium that will build and operate renewable power-based utilities at Saudi Arabia's flagship Red Sea tourism project.

"The company's prospectus will be published within sufficient time prior to the start of the subscription period," CMA said, adding its approval for ACWA's offering of 81,199,299 shares was valid for six months.

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, said in November it increased its stake in ACWA Power to 50% from 33.6% as part of a move to support the renewable energy sector in Saudi Arabia. 

The CMA explained that the approval of the application is valid for a period of 6 months from the date of the Authority's decision, and the approval is considered canceled in the event that the offering and listing of the company's shares are not completed during this period, Saudi Press Agency reported.

* With Reuters


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
Follow

Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.