Back to the complete issue
Wednesday, 27 June 2018

ACWA looking to IPO “sooner rather than later”

ACWA considers IPO “sooner rather than later”: As talk of the anticipated Aramco IPO fades in the media, the focus is back on power plant developer ACWA. The Saudi firm, which boasts a strong portfolio of projects in Egypt, is considering an IPO “sooner rather than later” to help feed its growing need for cash, CEO Paddy Padmanathan tells Bloomberg. “Additional funds could come from partners taking equity stakes in projects, from additional debt and a revolving credit line ACWA has,’ he added. The firm needs USD 800 mn a year in cash to help fund its goals for developing USD 6-8 bn a year of electricity plants. Padmanathan did not reveal when the IPO would take place. ACWA has shown consistent interest in Egyptian energy opportunities, including renewables in the Benban solar park.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.