Saudi Electricity approves sale, transfer of entire shares in Power Procurement to state ownership

Saudi Electricity Company to Announces the Results of the 23rd Ordinary General Assembly Meeting, (First Meeting ) Through modern technology means from the Company’s office in Riyadh

Voting Results of the Agenda of the 23^rd Ordinary General Assembly (First Meeting)”

.1 Approval of the sale and transfer of SEC’s entire ownership in Saudi Power Procurement Company (Principal Buyer) to the government according to SEC’s announcement published on the website of the Saudi Stock Exchange Company “Tadawul” on 29/11/2021, as SEC received a transmittal from HRH the Minister of Energy and Chairman of the Ministerial Committee for Restructuring the Electricity Sector, stating the issuance of the Council of Ministers’ resolution No. (227) dated 18/04/1443H approving to take all legal procedures necessary to sell and transfer SEC’s entire ownership in Principal Buyer to the government.

1. Approval of delegating the authority to SEC’s Board of Directors to undertake all necessary legal procedures to sell and transfer SEC’s entire ownership in Saudi Power Procurement Company (Principal Buyer) to the government.
2. Approval of the transactions and contracts between SEC and the Gulf International Bank in which the Board member, Dr. Najm bin Abdullah Al-Zaid, has an indirect interest, being a one-year finance agreement, as part of the ordinary course of business with no preferential benefits granted, and in the amount of (SAR 500,000,000) five hundred million riyals.
3. Approval of the policy of Criteria for Participation in Competing Business of the Company.