Riyadh – Mubasher: Saudi Arabia-based Al Babtain Power and Telecommunication’s board of directors on Thursday approved the establishment of a limited liability company specialised in the renewable energy with a capital of SAR 200,000.

The company will work in supplying, installing, and maintaining renewable energy projects for residential, commercial, and industrial complexes.

The firm will be self-financed and it will be a wholly-owned subsidiary of Al Babtain.

Al Babtain is to start the new company’s establishment after obtaining regulatory approvals.

 Power and Telecommunication provider expects to complete the measures of the new firm during the first quarter of 2018.

The stock inched up 0.10%, closing Thursday at SAR 26.95.