RIYADH: Saudi ACWA Power is set for a change in its major shareholder list as Al Rajhi Holding Group, with an 11.205 percent stake, plans an internal transaction, transferring ownership to the investment portfolios of its affiliated companies.
In a bourse filing, ACWA Power stated that it had received a letter from Al Rajhi expressing its intent to carry out the transaction to distribute its shares in the utility firm among the shareholders of its affiliated companies.
The power company’s stock price on Tadawul experienced a slight increase of 0.09 percent, reaching SR234.60 ($62.55), as of Dec. 10 at 12:23 Saudi time.
ACWA Power plays a significant role in the Kingdom’s water desalination and clean energy efforts.
In October, the company entered into seven cooperation agreements with various Chinese firms across multiple sectors, including solar energy, green hydrogen, and water desalination.
These agreements were signed with Chinese entities, including State Power Investment Corp., specializing in energy generation; Bank of China, headquartered in Beijing and Power China Group, a civil engineering firm.
The firm also signed deals with additional companies, including Energy China Group, a power and infrastructure solutions provider, and Jinko Solar, a solar panel manufacturer.
In a report released by UK-based Global Water Intelligence in August, ACWA Power was recognized as the world’s largest water developer outside of China.
It leads the list of top global water developers with a gross capacity of 6.8 million cubic meters per day and a net capacity of 3.2 million m3 per day.
Furthermore, Al Rajhi Holding Group is a well-established and diversified business group located in Saudi Arabia.
The group additionally maintains affiliated companies in the UAE, and its primary endeavors encompass banking, project development, operations management, investments, and acquisitions.
Furthermore, the group holds Al Rajhi Bank, the world’s largest Islamic bank with $198 billion in assets.