Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Wednesday announced that its shareholders had approved to establish an electricity generation subsidiary over the coming period during an ordinary general meeting (OGM) held the previous day.
The state-run utility also approved amending the policy of the board of directors’ membership, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm further indicated that its OGM also nodded to the business and contracts which will be signed with the Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf).
On 29 November, SEC noted that it would sign an international syndicated revolving credit facility agreement worth $ 2.15 billion (SAR 8.06 billion).
On a related note, the electricity firm indicated that there are investment opportunities with a value of more than SAR 100 billion in the next five years.
SEC last reported a 6.4% year-on-year decline in profits for the third quarter of 2018, registering SAR 4.9 billion in Q3-18, compared to SAR 5.26 billion.
For the first nine months of 2018, the Tadawul-listed company’s profits dropped 55.28% to SAR 5.56 billion, versus SAR 12.4 billion in the same period of the previous year.
By 10:08 am Saudi time, SEC’s stock levelled down 0.74% to SAR 16.08.
