SNB Capital, a leading regional financial institution, said it has successfully completed the SAR7.1 billion ($1.9 billion) capital increase of Acwa Power, Saudi Arabia’s leading developer, investor, and operator of power generation and desalinated water plants, through a rights issue on the Saudi Exchange (Tadawul), delivering one of the largest rights issues by value ever concluded in the region.

 

SNB Capital acted as lead manager, joint financial advisor, and lead underwriter. 

 

The transaction saw the issuance of 33.93 million new shares at SAR210 ($56) per share, representing a 4.63% increase in Acwa Power’s share capital.

 

The offering attracted robust investor interest, with subscription coverage exceeding 96% during the initial phase and the rump offering oversubscribed by 5.9 times completed at an average share price of SAR221.54 ($59).

 

"Supporting Acwa Power on this milestone transaction reflects the deep trust our clients place in us to help advise on strategic initiatives," said Zaid Ghoul, the Managing Director and Head of Investment Banking at SNB Capital. 

 

"We remain committed to providing tailored capital markets solutions that enable sustainable growth, support economic diversification, and contribute meaningfully to the continued evolution of Saudi Arabia’s financial ecosystem," stated Ghoul.

 

The strong market response reflects investor confidence in Acwa Power’s growth strategy and underscores SNB Capital’s ability to execute large and complex transactions, drawing on its extensive experience in capital markets, and highlights the strength of its advisory platform.

 

SNB Capital remains committed to supporting the development and attractiveness of the kingdom’s financial markets, actively contributing to economic diversification in line with Vision 2030 by offering world-class advisory services to both local and international clients, he added.-TradeArabia News Service