SEC shareholders to vote on rebranding to Saudi Energy on Feb. 25

Logo of Saudi Electricity Co. (SEC) 

Saudi Electricity Co.’s (SEC) said its shareholders will vote on amending Article 2 of the company’s bylaws to change its name to Saudi Energy Co. at an extraordinary general meeting (EGM) scheduled for Feb. 25.

In a statement to Tadawul, the company said shareholders will also vote on amending Article 3 of the bylaws related to the company’s objectives.

The amended objectives will include the generation, transmission, and distribution of electricity, as well as the repair of electrical equipment. They will also cover the construction of utility projects and electrical installations.

In addition, the objectives will include architectural and engineering activities as well as related technical consultancy services, along with technical testing and analysis. Integrated utility support activities will also be added.

The scope will be expanded to include education and experimental research and development in the fields of natural sciences and engineering.

The amended objectives will further cover real estate activities in owned or leased properties and real estate activities on a fee or contract basis, as well as holding company activities, including ownership of controlling stakes in subsidiaries.

They will also include road freight transport, the manufacture of basic chemicals, pipeline transport, and the collection, treatment, and distribution of water for energy purposes.