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Sanabil, PPA acquire stake in ACWA Power
- Saudi Arabia: Monday, January 14 - 2013 at 04:24
Saudi Arabia's sovereign wealth fund Sanabil and the kingdom's pension agency have acquired 19% of ACWA Power International, Bloomberg has reported. Riyadh-based ACWA issued 89.5 million new shares to Sanabil and the Saudi Public Pension Agency (PPA), each of which will have a seat on ACWA's board of directors, the company said. Morgan Stanley (MS) advised ACWA on the transaction, which will give Sanabil and the pension agency stakes of 13.7% and 5.7%, respectively. ACWA gave no financial details on the transaction.
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