Saudi utility giant ACWA Power is undertaking a rights issue to increase its share capital by 7.12 billion riyals ($1.9 billion) at an offer price of SAR 210 ($56) per share.
The company will sell nearly 34 million new shares to take its post-offering number of shares to over 766 million.
ACWA Power had said last month that the rights issue may include a rump placement to ensure full subscription.
SNB Capital, J.P. Morgan and Citigroup Saudi Arabia are the joint financial advisors for the rights issue.
The rights issue will support ACWA Power’s growth strategy, which includes tripling its assets under management by 2030 and strengthening its financial position.
It has allocated 53% to 60% of the proceeds for spending in the Middle East and North Africa (MENA), according to Zawya Projects.
(Writing by Brinda Darasha; editing by Seban Scaria) Â
