Saudi Arabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg
Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year, according to people familiar with the matter.
The company, one of the largest developers of power plants in the Middle East, has appointed the Saudi unit of HSBC Holdings Plc and Samba Capital to advise on the issuance, the people said, asking not to be identified as the information is private. The sukuk, as Islamic bonds are known, will be used to help fund Acwa’s share of an $8 billion acquisition of gasification and power assets at Jazan on Saudi Arabia’s west coast.
The sukuk will be followed by Acwa’s initial public offering on the Riyadh stock exchange, which could raise about $1 billion and value the company at about $8 billion, the people said.
Acwa, HSBC and Samba didn’t immediately respond to requests for comment.
No comments:
Post a Comment