AS&H Clifford Chance advises ACWA Power Company on its capital increase by way of a SAR 7.125 billion rights issue
31 July 2025
AS&H Clifford Chance is delighted to have acted as issuer's counsel to ACWA Power Company on its SAR 7.125 billion capital increase by way of a rights issue, marking one of the largest capital increases in the history of the Saudi capital market. The transaction was successfully completed on 30 July 2025 with the newly issued shares listing on the Saudi Exchange (Tadawul).
ACWA Power is the world’s largest private water desalination company, a leader in power generation, and a pioneer in green hydrogen development.
The rights issue comprised 33,928,570 new shares, with a 96.2% subscription rate during the subscription period. The rump offering to qualified institutional investors was oversubscribed by 592%, reflecting robust demand from investors beyond the existing shareholder base. Notably, foreign investors accounted for 97% of the allocated rump shares, underscoring ACWA Power Company’s strong appeal to the global investment community.
The AS&H Clifford Chance team advising on the transaction was led by partner and Head of Capital Markets Mansoor Alhagbani alongside partner Rakan Kawar, senior associate Haifa AlDamegh, and associates Reema Alnafisi and Noura Alassaf.
The team was further supported by the Clifford Chance Frankfurt team on the international offering aspects, led by partner Dr. George Hacket and senior associate Maks Mencin.
AS&H Clifford Chance has an outstanding track record of advising on some of the largest, most innovative, and complex equity capital markets transactions. Recent examples include advising Derayah Financial Company on its SAR 1.5 billion initial public offering and listing on the Saudi Exchange, MBC Group on its SAR 831 million initial public offering and listing on the Saudi Exchange, as well as many other landmark deals.