Riyadh – Mubasher: The board members of ACWA Power Company recommended, on 10 June, a capital hike through a rights issue valued at SAR 7.12 billion.
The board’s recommendation is subject to the approval of the relevant regulatory authorities and ACWA Power’s shareholders at the extraordinary general meeting (EGM), according to a bourse disclosure.
In line with its new growth strategy to triple its business by 2030, the capital raise will enable ACWA Power to expand its portfolio while maintaining a strong financial position.
The company expected that its average annual equity commitment amount between 2024 and 2030 will increase to $2 billion-$2.50 billion from the earlier range of $1 billion-$1.30 billion.
In April, the Capital Market Authority (CMA)passed the company’s capital increase from SAR 7.31 billion to SAR 7.32 billion by granting one bonus share for every 500 existing shares.
During the three-month period that ended on 31 March 2024, the net profits attributable to the owners of ACWA Power surged by 9.80% to SAR 296.17 million from SAR 269.73 million a year earlier.
