Riyadh, KSA: ACWA Power, a leading developer, investor, and operator of power generation and desalinated water plants worldwide, rang the market opening bell at the Saudi Stock Exchange (Tadawul) at 10:00 am AST today. After a highly successful offering in which the institutional tranche was covered around 248 times, and the retail investor tranche saw a coverage of 1989.96%, the company’s shares are now traded on the Main Market of the exchange under the ticker symbol ACWA POWER.
The bell ringing ceremony was attended by Engineer Khalid Abdullah Al-Hussan, Chairman of the Saudi Tadawul Group and Mr.Mohammed Al-Rumaih, CEO of Saudi Tadawul Group, as well as Mohammed Abunayyan, Chairman of ACWA Power, and Paddy Padmanathan, CEO of ACWA Power, alongside other leading board members and executives.
Mohammed Abunayyan, Chairman of ACWA Power, commented: “Today marks a historic moment for ACWA Power and all its employees – a proud moment that would not have been possible without Saudi Arabia’s robust economic landscape and the confidence of the local and international investors in our beloved Kingdom. On this special day for ACWA Power and our nation, my deepest gratitude and appreciation goes to His Royal Highness King Salman bin Abdulaziz Al-Saud, and the Crown Prince His Royal Highness Prince Mohammad bin Salman Al-Saud, for driving Saudi Arabia’s ambitious vision for the future. We also owe thanks to the CMA, the Saudi Stock Exchange Tadawul and all partners, institutions and our people who have greatly contributed to the success of our offering. It is a distinct pleasure to welcome new shareholders to the ACWA Power family as we continue to pave the way to a cleaner, greener future, supported by their trust and confidence in the bright future that lies ahead for us.”
He added: “Over our 17-year history, ACWA Power has grown into a leading player in the power, water, and hydrogen driving the transition across the world by supplying power and water reliably, responsibly, and at low cost. Our purpose has always been to support the sustainable social development and economic growth of nations and the wellbeing and happiness of communities across the world according to robust foundations of societal, environmental, and governmental standards.”