Riyadh – Mubasher: Saudi Public Investment Fund (PIF) is on the verge of acquiring a 10% stake in ACWA Power International which seeks to list its shares on the stock market.
The PIF may sign the agreement with the Riyadh-based energy producer in the coming days as the discussions are ongoing, but they may not lead to a deal, Bloomberg reported on Monday, citing a source as saying.
In November 2016, the Saudi body appointed HSBC as an advisor on buying a stake in ACWA Power International.
"Saudi Arabia is stepping up efforts to turn the PIF into a global giant by giving it ownership of state-owned oil company Saudi Aramco, which is preparing for what could be the world’s biggest IPO," Bloomberg said.
The PIF will take part in a slew of real estate developments across the oil-rich kingdom, including Neom project that will be established on the Red Sea Coast, an entertainment city in Riyadh, in addition to another tourism project on the Red Sea.
The PIF is currently owning 13.7% indirect stake in ACWA Power International.
