ACWA Power shares slump 8%, trading volume exceeds 43 mln shares

Logo of International Company for Power and Water Projects (ACWA Power)

Shares of the International Company for Water and Power Projects (ACWA Power) dropped 8% today, Oct. 12, to reach SAR 67, with a trading volume of more than 43 million shares.

Shares were exchanged in nearly 164,000 transactions at a total turnover of SAR 3.1 billion, representing around 33% of total market trading value.

ACWA Power shares rose yesterday, Oct. 11, to their daily limit of 30% to reach SAR 72.80, compared to the listing price of SAR 56, according to data compiled by Argaam.

ACWA Power started trading on the Saudi Exchange (Tadawul) yesterday. Daily price fluctuation limits were set at ±30%, while static price fluctuation limits were ±10%. These fluctuation limits will apply in the first three days of listing.

The company was established in 2008 in Riyadh to acquire Arabian Company for Water and Power Projects (ACWA Power Projects), which was established in 2004 to participate in the privatization of the water and electricity sector in Saudi Arabia, according to data compiled by Argaam.

The company’s main business focuses on electric power generation, distribution and wholesale of electrical energy, water desalination, establishment of electric power plants and transformers, repair and maintenance of electric power plants and transformers, and wholesale of desalinated water.

ACWA Power floated an 11.1% stake, or 81.2 million shares, at SAR 56 each, out of which 90% was allocated to institutions.