Saudi Electricity shareholders OK reserve transfer to retained earnings

Logo of Saudi Electricity Co. (SEC)

Saudi Electricity Co.’s (SEC) shareholders approved transferring the statutory reserve balance, amounting to SAR 7.1 billion as of Dec. 31, 2022, to retained earnings, during the extraordinary general meeting (EGM) held on April 16, according to a statement to Tadawul.

Shareholders also approved transferring the general reserve balance, totaling SAR 702.3 million, as of Dec. 31, 2022, to retained earnings.