Riyadh - Mubasher: The Saudi Capital Market Authority’s (CMA) board of directors approved a request by the International Company for Water and Power Projects (ACWA Power) to offer 81.2 million shares, or 11.1% of the company's share capital, in an initial public offering (IPO).
The company’s prospectus, which includes the firm’s financial statements, activities, and management, will be published within sufficient time prior to the beginning of the subscription period, the CMA said in a statement on Wednesday.
The CMA’s approval is valid for six months from the CMA’s board resolution date. The approval will be cancelled, if the offering and listing of the company's shares are not completed within this period.