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Thursday, 24 November 2016

Saudi fund hires HSBC for potential purchase of ACWA Power stake | Reuters

Saudi fund hires HSBC for potential purchase of ACWA Power stake | Reuters:
"Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC to advise it on a potential purchase of a stake in ACWA Power, a developer and operator of power and water plants, sources close to the matter said.

Riyadh-based ACWA Power has chosen JP Morgan to advise it on the process, the sources, who spoke on condition of anonymity as the information is not public, said.

Saudia Arabia aims to expand the PIF into the world's largest sovereign wealth fund as part of economic reforms prompted by lower oil prices. As a result, it has been linked with or completed a number of domestic and overseas asset purchases in the past few months."

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