Al-Babtain Power and Telecommunication Co.’s board of directors has approved setting up a limited liability company for renewable power with a total capital of SAR 5 million.
The new subsidiary, which will be headquartered in Riyadh, will be fully owned by Al-Babtain and will be financed from the company’s internal resources.
The company said in a statement on Tadawul that it expects to receive the regulatory approvals by the second quarter of 2017.
No related parties are involved in the project, Al-Babtain added.
The step, which is in line with the push for renewables under the Saudi Vision 2030 and Saudi National Transformation Plan 2020, will help diversify the company’s sources of income and mitigate risks, Babtain said.
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