By: Mohamed Idris

Riyadh – Mubasher: Saudi Electricity Co.'s (SEC) power production sector will consist of four companies and will be privatised, said CEO Ziyad Bin Mohammed Al Shiha on Monday.

On the same note, Saudi minister of energy, industry and mineral resources Khalid Al-Falih announced that SEC's power sector will be separated from the company and privatised, while SEC will continue to specialise in the transfer and distribution of electricity.

SEC will remain the backbone of the electricity sector in Saudi Arabia, the minister said at the Saudi Arabia Renewable Energy Investment Forum held in Riyadh on Monday.

Many companies have seen a restructure, and SEC is currently focusing on its cadres, the CEO told reported at the event, noting the Saudisation at SEC has reached 90% of the company's workforce.

Earlier on Monday, SEC denied news that it had laid off 10,000 of its employees, stressing that this information was 'baseless'.

SEC's stock closed Monday down 0.04% to SAR 24.55.

Translated by: Nada Adel Sobhi