Saudi Arabia's Acwa Power plans to proceed with its initial public offering and will list 11.1 per cent of its shares on the Tadawul stock exchange, the company said on Thursday.
The Capital Market Authority on June 30 approved the power developer's application to list 81,199,299 new ordinary shares on the bourse.
“The final price at which all subscribers in the offering will purchase shares will be determined at the end of the book-building period,” Acwa Power said in a statement.
The listing will be one of the biggest in the region's energy industry after Saudi Aramco, the kingdom's oil company.
Acwa Power operates in 13 countries across the Middle East, Africa and South-east Asia. It has a portfolio of 64 assets with a total investment of $66 billion, producing 42 gigawatts of power and 6.4 million cubic metres per day of desalinated water.
The power developer is at the forefront of Saudi Arabia's continuing diversification of its energy sector, which it has singled out for greener investments. The world's largest oil exporter plans to add gas and renewables capacity equating to one million barrels of oil per day by 2030.
The kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), is the biggest shareholder in the company with a 50 per cent stake. Acwa Power has seven other stakeholders, including the Saudi Public Pension Agency.
PIF has been given the mandate to develop nearly 70 per cent of renewable projects in Saudi Arabia, the Arab world's largest economy. Utilities and renewables are among the 13 sectors identified by the fund as part of its Vision 2030 strategy.
“Combined with robust strategic partnerships, we are now well-positioned to capture significant opportunities in Saudi Arabia as well as in attractive markets globally, including utility-scale green hydrogen,” said Paddy Padmanathan, chief executive at Acwa Power.
The company is building one of the world's largest green hydrogen projects in Neom, Saudi Arabia's futuristic mega-city straddling the borders of Egypt and Jordan.
The $5 billion project, which is being developed with Air Products, will have a capacity of four gigawatts and produce 650 tonnes of hydrogen per day.
The planned IPO will give investors “a unique opportunity” to participate in decarbonisation efforts being undertaken by Acwa Power in Saudi Arabia and across the world”, said Mohammad Abunayyan, chairman of the board at Acwa Power.
The company has a pipeline of more than 85 projects under construction or in advanced development, representing 68 gigawatts of power and 9.5 million cubic metres per day of water capacity.
Acwa Power is seeking greenfield growth opportunities in the power sector of around 385 gigawatts, the company declared in its prospectus to the CMA.
“The share of renewables in Acwa Power’s total gross power capacity is currently 33 per cent, which is targeted to increase to 50 per cent by 2030 as the company makes headway towards its net-zero emissions target by 2050,” it said.
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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4.35pm: Tilal Al Khalediah
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7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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UAE currency: the story behind the money in your pockets
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE currency: the story behind the money in your pockets
