ACWA Power CEO Paddy Padmanathan also confirmed the developer of electricity and water projects in the Middle East, Africa and Southeast Asia has shortlisted banks to arrange an initial public offering (IPO).
He declined to name the banks or give a timeframe for an IPO. The company is looking to sell a 30 percent stake to investors and list in Riyadh, banking sources have told Reuters. An IPO is expected by the end of the year.
“We are expecting to see a lot of projects here in Saudi. We are targeting 50 to 60 percent of the total,” Padmanathan told Reuters in an interview at ACWA Power’s headquarters in Riyadh.
Source Link: www.reuters.com