ACWA Power receives internal equity transfer letter by major shareholder

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Riyadh – ACWA Power Company received a letter from Al Rajhi Holding Group, a major shareholder of the listed firm, indicating its intention to transfer a portion of its shares in an internal transaction, according to a bourse filing.

Al Rajhi Holding’s shares in ACWA Power will be accordingly transferred to the investment portfolios of affiliated companies within the group based on the current ownership percentages.

This internal transaction will change the list of major substantial direct equityholders of ACWA Power on the Saudi Exchange (Tadawul) website.

It is worth mentioning that Al Rajhi Holding owns 11.20% of ACWA Power's share capital.

In the first nine months (9M) of 2023, the net profits after Zakat and tax of ACWA Power increased by 22.49% year-on-year (YoY) to SAR 1.08 billion from SAR 883.42 million.