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SEC’s subsidiary to be wholly owned by Saudi government

SEC’s subsidiary to be wholly owned by Saudi government
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Riyadh – Mubasher: The ownership of the Saudi Power Procurement Company, a subsidiary of the Saudi Electricity Company (SEC), will be transferred to the Saudi government upon a Cabinet’s resolution.

Accordingly, SEC’s entire equity in the Saudi Power Procurement Company will be purchased and transferred to the government, according to a bourse disclosure on Monday.

This step came as part of Saudi Arabia’s Restructuring of the Electricity Sector national programme.

The Kingdom aims to boost electricity generation and empower the renewable energy sector, in a bid to contribute to Saudi Arabia’s objectives for the electricity sector, including lower usage of liquid fuels for electricity production, increased environmental protection, in addition to increasing reliability of electricity transmission and distribution grid.

SEC did not expect a material impact on its financial results nor its shareholders’ equity following the transfer of the subsidiary’s ownership to the government.