Mubasher TV
Contact Us Advertising   العربية

SEC EGM approves treating SAR 3.4bn dividends owed to Saudi Aramco

SEC EGM approves treating SAR 3.4bn dividends owed to Saudi Aramco
The Saudi Electricity Company (SEC).
SAUDI ELECTRICITY
5110
11.75% 19.78 2.08
SAUDI ARAMCO
2222
-1.60% 30.75 -0.50

Riyadh – Mubasher: Saudi Electricity Company’s (SEC) extraordinary general assembly (EGM) approved to treat the SAR 3.351 billion worth of dividends owed by it to the Saudi Arabian Oil Company (Saudi Aramco) since SEC’s inception until the end of 1439H as a debt in favour of the Ministry of Finance.

The dividends stipulated in the settlement and the Mudarabah agreements that were signed between the company and the finance ministry will be included in the financial liabilities due to the government by SEC, according to a bourse disclosure on Monday.

Moreover, the EGM agreed to form and allocate a consensual reserve to pay the dividends of the Mudarabah agreement and further authorised the board to transfer funds from the retained earnings to set up the reserve.