ACWA Power revives plans to list on Tadawul

Saudi Arabia-based ACWA Power, which has an estimated power and water projects portfolio of $27 billion, is reviving plans to list on Saudi Stock Exchange (Tadawul), Middle East Economic Digest (MEED) reported, citing an unnamed source familiar with the matter.

The power generation company, which is said to be dealing with the kingdom’s market regulator, could raise up to $1.1 billion through an initial public offering (IPO) in the third or fourth quarter of this year.

“They have been in touch with the regulator and that’s an ongoing process. They are thinking about it, but obviously, the deal will depend on the market conditions,’’ the source said.

ACWA Power had expressed its intention to float in October 2013 and Saudi Fransi Capital is said to be advising the company. However, a 70 percent drop in oil prices over the last 18 months led the company to put the plans for the offering on hold.