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Today, Wednesday, the Saudi Capital Market Authority announced the release of the Authority’s Board of Directors’ decision approving the application of the International Water and Energy Works Company “ACWA Power” to offer (81,199,299) shares for public subscription, representing 11.1% of the shares of the company. The prospectus will be published before the start of the subscription in good time.
ACWA Power is a developer, investor and operator of a group of power generation and water desalination plants, and its portfolio currently includes 64 plants in operation, under construction or at advanced stages of development, and the company employs around 3,500 people, which constitutes 60% of local employment in 13 countries around the world, regions of the Middle East, North and South Africa and Southeast Asia, according to its website .
The investment value of the company’s project portfolio is over $ 66.1 billion, producing 42 gigawatts of electricity and 6.4 million cubic meters of desalinated water per day.
The Saudi Public Investment Fund has increased its stake in ACWA Power from 33.36% to 50% over the past year.
The Market Authority said in a statement that the prospectus contains the information and data that the investor must consider before making or not making an investment decision, including the financial statements of the company and adequate information on its investments. activities and its management.
She added that the decision to subscribe without examining the prospectus and studying its contents, can involve high risks. Therefore, the investor should examine the prospectus, which contains detailed information about the company, the offering and the risk factors, and study it carefully so that he can assess the feasibility of investing in the offering in the light. of the risks that accompany it for him.
The Authority added: “The approval of the request by the Authority should not be regarded as an approval of the feasibility of investing in the offering or in the shares of the company concerned, since the decision of the Authority to approve the application means that the legal requirements have been in accordance with the Capital Market Law and its implementing regulations. “
She explained that the approval of the request by the Authority is valid for a period of 6 months from the date of the Authority’s decision and that the approval is considered canceled in the event that the offer and the listing of the company’s shares would not be completed during this period.
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