Riyadh – Mubasher: Saudi Arabia’s Acwa Power Company is in talks with Public Investment Fund of Saudi Arabia (PIF) to increase the fund’s stake in the company to 35% from 25%, Acwa’s chairman, Mohammad Abdullah Abunayyan, stated on Wednesday during an interview with Al Arabiya.

PIF’s investments in Acwa include 15% direct investments and 10% stake of a subsidiary, Abunayyan added.

The top official announced that his company will not launch an initial public offering (IPO) during the current year, adding that the IPO will be launched whenever market conditions are convenient.