ACWA Power allocates six shares per individual subscriber

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Updated 04 October 2021
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ACWA Power allocates six shares per individual subscriber

RIYADH: ACWA Power has allocated a minimum of six shares per individual subscriber in its initial public offering, Argaam reported citing Riyad Capital, lead manager for the offering.

According to the report, the remaining shares will be allocated on a pro rata basis at around 0.02197 percent on average. 

The Saudi utility developer completed the institutional book-building process for its IPO, receiving bids worth 248 times what it is issuing.

The company drew orders of SR1.127 trillion ($300.4 billion) from institutional investors, to which it is allocating 90 percent of the 81.2 million shares on offer.

A total of 1.35 million retail investors placed orders on SR9.05 billion worth of shares. The retail offering was 1,989.96 percent oversubscribed.  

Retail investors started, on Sept. 29, subscribing to 8.12 million shares at SR56 per share. 

Meanwhile, ACWA Power confirmed it will be showcasing its renewable energy portfolio at the 23rd Water, Energy, Technology and Environment exhibition as a Jubilee Sponsor.

This year’s edition will take place from October 5 to 7 at the Dubai Exhibition Centre at Expo 2020 Dubai - the first international Expo in the Middle East, Africa and South Asia.

 


QatarEnergy announces force majeure following Iran attacks: statement

Updated 04 March 2026
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QatarEnergy announces force majeure following Iran attacks: statement

DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.

“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.

QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.

Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.

The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.

On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.

Qatar shares the world’s largest natural gas reservoir with Iran.

QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.

In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.