ACWA Power, a utility developer based in Saudi Arabia and partially owned by the sovereign Public Investment Fund, intends to buy back two million ordinary shares as treasury stock.
According to a statement released by ACWA Power on Thursday, the share repurchase will be funded using the company’s internal resources after receiving approval from shareholders.
As of Thursday morning, ACWA Power shares showed a slight increase, opening at 154.4 riyals ($41.17) on the Tadawul stock exchange.