ACWA Power said to delay plans for IPO

Riyadh-based ACWA Power has delayed plans for an initial public offering (IPO), which was planned for this year, Reuters reported, citing sources familiar with the matter.

The company, which develops power and desalinated water plants, had been planning to sell a 30 percent stake in an IPO in Riyadh by the end of the year.

“The transaction will not happen this year,” sources said, adding, it might be delayed for at least a year.