Saudi Electricity shareholders to vote on selling SPPC stake to govt on Jan. 30

Saudi Electricity Co.’s (SEC) shareholders will vote on the sale and transfer of its entire stake in Saudi Power Procurement Co. (SPPC) to the government during the ordinary general meeting (OGM) that will be held on Jan. 30.

They will also vote on delegating the authority to the SEC’s board of directors to undertake all necessary legal procedures to execute the transaction.

Meanwhile, shareholders will vote on the transactions and contracts concluded between SEC and the Gulf International Bank, a one-year finance agreement worth SAR 500 million concluded in the ordinary course of business with no preferential benefits granted. Board member Najm bin Abdullah Al-Zaid has a direct interest in the contracts.

The meeting agenda also includes the criteria of participation in competing business of the company.

On Nov. 29, 2021, SEC announced that the Saudi Cabinet approved the necessary legal procedures to purchase and transfer the ownership of SEC’s entire stake in SPPC to the government.