ACWA Power plans to raise up to 1.2 billion US dollars for the initial public offering in Saudi Arabia

A Saudi Acwa windmill is pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, on June 29, 2018. REUTERS / Youssef Boudlal / file photo

DUBAI, Sep 14 (Reuters) – ACWA Power, which is partially owned by the Saudi sovereign wealth fund, set an indicative price range on Tuesday for a listing in Riyadh that is up to 4.5 billion Saudi riyals (1.2 billion US dollars) at the top could raise the range.

The company is selling 81.2 million shares at a price of 51 to 56 rials per share, its senior manager said in a statement on the Saudi stock exchange.

ACWA sells 11.1% of the existing shares. Saudi Arabia’s Public Investment Fund (PIF) owns half of the company.

In addition to the initial public offering (IPO), around 4.14 million shares, corresponding to 0.57% of the company, will be allocated to certain employees of the company and its subsidiaries as part of the employee IPO grant program.

ACWA’s offering is one of a number of deals on the Saudi stock exchange this year.

Arabian Internet and Communications Services Co, a unit of Saudi Telecom (7010.SE), set an indicative price range for an IPO on September 5, which is expected to raise up to 3.6 billion riyals. Continue reading

($ 1 = 3.7506 rials)

Reporting by Saeed Azhar Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles.