ACWA Power plans 1.2M share buyback

ACWA Power plans to buy back 1.9 million shares, to be held as treasury shares and allocated for the long-term incentive scheme

ACWA Power Co.’s board of directors recommended the buyback of 1.19 million shares, to be held as treasury shares and allocated for the long-term incentive scheme, according to a statement to Tadawul today, Jan. 25.

The buyback will be financed through the company’s internal resources. Treasury shares currently account for 0.11% of ACWA Power’s total outstanding shares, the statement said. Repurchased shares will not carry voting rights at general assembly meetings.

The decision is subject to approval by the extraordinary general assembly, which will be announced in due course, in line with the Companies Law for Listed Joint Stock Companies. The company will also obtain all required regulatory approvals and meet solvency requirements.

According to Argaam data, the shares to be repurchased represent about 0.16% of ACWA Power’s total share capital of 766.5 million shares.