ACWA Power to reveal IPO plans ‘soon’

Saudi-based utilities provider ACWA Power is preparing for its initial public offering (IPO) and will be revealing details very soon, chief executive Paddy Padmanathan told Argaam on Sunday in an exclusive interview.

The company had been planning the IPO since June last year, however, without giving an actual date for the floatation.

“We have never announced any specific timing. All we have announced is that we are very keen to widen the share ownership structure to include the public and we still maintain the same,” he added.

“I am very confident that we will be able to make the announcement very soon,” Padmanathan said.

Separately, Acwa Power Chairman Mohammad Abunayyan on Sunday told Alarabiya that the company is preparing to launch its IPO in fourth quarter of 2019.

Write to Paromita Dey at paromita.d@argaamplus.com