SWCC plans to float Water Transmission and Technologies in IPO

Abdullah Al-Abdulkarim, Governor of SWCC

Saline Water Conversion Corp. (SWCC) is planning to sell a stake in Water Transmission and Technologies Co. (WTTCO) in an initial public offering (IPO), Al-Eqtisadiah newspaper reported, citing Abdullah Al-Abdulkarim, Governor of SWCC and Chairman of WTTCO.  

WTTCO will be offered to the public after obtaining the necessary regulatory approvals and setting the offering size through the Supervisory Committee for the Privatization of the Environment, Water and Agriculture Sector.

The company aims to achieve its main objective and the national water strategy targets, through contributing to safe water supply, enhanced efficiency and cost reduction.

WTTCO will also inject more investments to meet growing demand, and encourage the private sector to finance and operate these investments, Al-Abdulkarim said.

The necessary measures for the water sector privatization, and the partnership of the private sector in the water desalination and electricity plant in Ras Al-Khair were taken in coordination with the competent supervisory committee.

Moreover, seven companies and alliances were qualified to vie for this partnership, he added.

SWCC is implementing SAR 40 billion worth of projects, including the establishment and replacement of some transmission projects as well as water desalination plants.

These projects were not part of SWCC’s current plan that aims to offer investments for private sector partnership in 2021.

In September 2019, the Saudi Cabinet approved to set up WTTCO as a state-owned company, Argaam reported.

The new water transmission firm will operate on a commercial basis to provide water transmission and technological services.

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