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Mohamed Abunayan, Chairman of the Board of Directors of ACWA Power.
Mohamed Abu Nayan, Chairman of the Board of Directors of ACWA Power, said that the percentage of offering the company’s shares for subscription was determined based on the company’s current and future needs, indicating that the percentage of the offering is sufficient for its investment needs.
He explained in an interview with Al-Ekhbariya channel that increasing the capital without using the increase effectively does not have a positive impact on investors, pointing out that the company’s goal is to benefit from the increase in investments or the volume of capital and operate it in a positive way to have a return on investors.
Abu Nyan added that the time is right for the company to enter the Saudi market, noting that it will be an addition to Tadawul.
He stated that the company is present in 13 countries, and has assets under its management of more than 248 billion riyals, indicating that its assets are under production, under development, and targeted assets in building new investments.
He pointed out that the company is considered the largest desalination company in the world, as it was able to localize technologies to raise productivity and efficiency and reduce costs, noting that it has changed the map of renewable energy in the world since its entry into the field in 2011.
According to the data available on Argaam, ACWA Power intends to offer 81.2 million shares, representing 11.1% of its shares, for public subscription in the market this month.
Where it specified 3 days for individual subscription, starting from September 29, 2021 to October 1, 2021, while the period for registration of applications and building the order book for the participating categories will start for a period of 13 days, starting from September 15, 2021.