ACWA Power Barka APBS

0.74 0.00 0.00 %

Saudi Arabia’s ACWA Power invites banks to arrange IPO -sources

(1/11/2018 6:15:00 AM)

Saudi Arabia’s ACWA Power has invited banks to bid to arrange its initial public offer of shares, which is expected to value the company at up to $1 billion (Dh3.67 billion), sources told Reuters on Wednesday.

A request for proposals was sent to foreign and local banks last week, according to four sources, who declined to be named because of the commercial sensitivity of the matter. ACWA Power, a developer of electricity and water projects in the Middle East, Africa and Southeast Asia, did not immediately respond to a request for comment.

Gulf News