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FINANCIAL NEWS
Saudi- ACWA Power buys 65% stake in Enara
23 Aug 2011
(MENAFN) The Saudi-based ACWA Power International’s chairman, Mohammed Abunayyan, said that the company completed the acquisition deal of a 65 percent controlling stake in Enara Energy Investments PSC (Enara) which in turn owns 51 percent of Jordan’s Central Electricity Generating Co., reported Arab News.
Abunayyan stated that the water desalination and power generation company also completed the sale of a minority stake in Enara to International Finance Corp (IFC), which is a member of the World Bank Group.
Abunayyan said that ACWA Power currently owns a 65 percent controlling stake in Enara, while Malakoff, the Malaysian electricity company, and the Athens-based Consolidated Contractors Company, would continue to own respective stakes of 25 percent and 10 percent in Enara.
CEGCO, on the other hand would continue to be divided in an ownership scheme that sees 40 percent of the company owned by the Jordanian government. The Social Security Corporation of Jordan owns 9 percent, while Enara owns the remaining 51 percent.
Abunayyan also said that ACWA believes that Jordan is a stable country politically, economically and socially, and would work on improving power delivery in the country.
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