SoftBank acquisition of stake in Saudi Electricity subject to PIF approval

SoftBank acquisition of stake in Saudi Electricity subject to PIF approval
CEO of Saudi Electricity Company Ziyad Al Shiha
Saudi Electric 5110 -0.97% 23.59 -0.23

Riyadh - Mubasher: The CEO of Saudi Electricity Company (SEC) said that the Public Investment Fund (PIF) has the final say in approving selling a stake in SEC to the SoftBank Vision Fund, as it owns a majority stake in the company.

Ziyad Bin Mohammed Al Shiha added in an interview with Al Arabiya on Monday that his company has successfully increased operational efficiency to 40% by the end of third quarter of 2017, a target that was sat for 2020, adding that this has led to a decrease in fuel consumption by 1.8 million barrel of oil equivalent, and reduced diesel consumption by 25 million barrels per day.

Saudi Electricity Company reported on Monday a net profits increase of 6.78% year-on-year to SAR 5.26 billion in Q3-17, up from SAR 4.9 billion in Q3-16, with a quarter-on-quarter surge of 135.75%.

SEC attributed the growth in its year-on-year net profits to the decrease in revenues’ cost due to the improvement in operational efficiency.

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Source: Mubasher

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