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PIF approves dividend waiver for SEC shares

PIF approves dividend waiver for SEC shares
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SAUDI ELECTRICITY
5110
11.75% 19.78 2.08

Riyadh – Mubasher: The Public Investment Fund (PIF) has informed Saudi Electricity Company (SEC) that the delegated ministerial committee for restructuring the electricity sector and SEC has given approval on the dividend waiver of PIF’s shares for 2019.

This dividend waiver was given on PIF shares in SEC, which represent 74.31% of the company’s total shares, according to a disclosure by SEC to the Saudi Stock Exchange (Tadawul) on Tuesday.

“The dividend waiver comes in line with achieving aimed goals of restructuring the electricity sector and SEC, as well as to ensure SEC’s financial and operational sustainability and seek appropriate ways to enable it to fulfil its obligations,” the company added.

SEC reported a 21% decline in net profits last year to about SAR 1.39 billion, compared with SAR 1.76 billion in the previous year.