PIF takes 15.2% direct stake in ACWA Power
July 5, 2018 | 12:04 AM
July 5, 2018 | 12:04 AM
Last Updated: July 5, 2018 | 12:44 AM
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RIYADH – Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has taken a 15.2 percent direct stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, according to a joint statement on Wednesday.
The PIF already owns a 9.8 percent stake in ACWA through a subsidiary, Sanabil Direct Investments Company, bringing its total shareholding in the company to 25 percent, the statement said.
The investment will be in the form of a capital increase and proceeds will be used to “support ACWA’s growth strategy and investment plan,” it said. – SPA
The PIF already owns a 9.8 percent stake in ACWA through a subsidiary, Sanabil Direct Investments Company, bringing its total shareholding in the company to 25 percent, the statement said.
The investment will be in the form of a capital increase and proceeds will be used to “support ACWA’s growth strategy and investment plan,” it said. – SPA
