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The stake was sold to Hassana Investment Company ACWA Power said it will sell 30 per cent of its stake in Rabigh independent water, steam and power plant (IWSPP) to Hassana Investment Company, the investment unit of Saudi Arabia’s General Organisation for Social Insurance (GOSI), for 844 million Saudi riyals ($225.02 million). The sale is part of the company’s capital recycling strategy, ACWA Power said in a statement to the Saudi stock exchange on Tuesday. Rabigh Arabian Water and Electricity Company (RAWEC) is a joint venture between ACWA Power, Marubeni Corp, JGC Corporation, and Petro Rabigh, according to ACWA Power website. The Rabigh IWSPP, which has a book value of SAR 731 million, has a long-term off-take agreement with Petro Rabigh Co. ACWA Power, which currently holds 99 per cent shareholding in the project, will use the funds for general corporate purposes. The stake sale is subject to approval. |
