Saudi Electricity plans to set up power generation subsidiary

Saudi Electricity Co. (SEC) is planning to set up a power generation subsidiary, it said in a statement to Tadawul on Monday.

The Gulf's largest utility has called shareholders meeting on Dec.18 to vote on the establishment of a power generation subsidiary.  

The Public Investment Fund, the Kingdom's sovereign wealth fund, owns a 74 percent stake in SEC. Other major shareholder includes state-run Saudi Aramco, which owns nearly 7 percent stake.

Saudi Arabia aims to generate SAR 35 to SAR 40 billion in non-oil revenues from its privatization program by 2020 and create up to 12,000 jobs,  Saudi Press Agency reported in April, citing a document.