ACWA Power's rights issue 96.2% subscribed

Logo of ACWA Power Co.

ACWA Power Co. announced the results of its rights trading and subscription to new shares as well as details on the sale of rump shares, according to a statement to Tadawul today, July 17.

As many as 32.65 million new shares were subscribed to, out of nearly 33.93 million shares, with 96.2% coverage, the company said.

Rump shares will be offered to a number of institutional investors who will submit purchase offers for these shares.

They will be allocated to institutional investors from the highest bid to the lowest (provided that it is not less than the offer price of SAR 210). Shares will be allocated on a pro rata basis among investors who have tendered offers at the same price.

The underwriters will underwrite rump shares that remain unsubscribed after the rump offering, at the offer price.

The rump offering period will start at 10:00 am Makkah time on July 21, extending until 5:00 pm Makkah time on July 22.

The subscription period started on July 6, during which 33.93 million ordinary shares were offered at SAR 210 each, through a right issue worth SAR 7.13 billion.

The issuance aims to increase the company's capital by 4.63% from SAR 7.32 billion (732.56 million shares), to SAR 7.66 billion (766.49 million shares).