Saudi Acwa eyes $3bn Malaysia power assets
Riyadh, February 28, 2012
Saudi Arabia's water and power project developer Acwa Power is "very keen" to buy power assets worth over $3 billion on sale by Malaysian tycoon Ananda Krishnan, the company's chief financial officer said on Monday.
Krishnan has reportedly put his entire power portfolio up for sale with Standard Chartered hired to manage the transaction of about a dozen power plants.
The deal has so far attracted 12 bids, the Star newspaper reported on Saturday, with Saudi Water & Electricity Co submitting a bid of 10.85 billion Malaysian ringgit ($3.60 billion) -- the highest so far, it added.
"We remain a very keen party on that transaction," Rajit Nanda, Acwa's CFO, said on the sidelines of a conference in Dubai.
Acwa Power also plans to issue an Islamic bond, or sukuk, worth $800 million in 2013, Nanda said, declining to offer any more details at this stage.
The firm, which in November raised $300 million from a debut syndicated loan, is eyeing an initial public offering (IPO) on the Saudi exchange in 2014 to list between 25 to 30 percent of the company.
The market cap of the listed shares will be between $2.5 billion to $3.5 billion, Nanda added. - Reuters