| Introduction | ACWA Power Company (“ACWA Power” or the “Company”) announces its Board’s recommendation to increase its Capital by SAR 7,125 million through the Offering of a Rights Issue (“Rights Issue”), which will allow ACWA Power to anchor its growth strategy of tripling the assets under management by 2030 and enhance its financial position. |
| Date of Board Meeting | 2024-06-10 Corresponding to 1445-12-04 |
| Target Amount | SAR 7,125 million. |
| Reasons for the increase | The Rights Issue will allow ACWA Power to anchor its growth strategy of tripling the assets under management by 2030 and enhance its financial position. |
| Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting. |
| Approvals | The Board’s recommendation is subject to the approval of the relevant regulatory authorities and ACWA Power’s shareholders at the EGM. |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | The appointment of the financial advisor for the Rights Issue and submission of the Capital Increase application file to the CMA will be announced later. |
| Additional Information | This Capital Raise will support ACWA Power’s new growth strategy, which is to triple its business by 2030. In parallel with the new growth projections, the Company estimates its average annual equity commitment amount between 2024 and 2030 to significantly increase to $2B-$2.5B per year from the earlier range of $1B-$1.3B per year. This Capital Increase will allow ACWA Power to continue to invest in the growth of its portfolio while maintaining a strong financial position. |
