Saudi Electricity Co.’s headquarters
Saudi Electricity Co.’s (SEC) shareholders approved a seven-year syndicated Murabaha facility worth SAR 3 billion, to be secured from National Commercial Bank (NCB), during the company’s ordinary general meeting (OGM) held on Jan. 21, 2021, according to a bourse statement.
Shareholders also endorsed a one-year facility agreement worth SAR 500 million concluded with Gulf International Bank (GIB).
Board members Rashed bin Ibrahim Sherif and Najm bin Abdullah Al-Zaid are related parties.
During the meeting, shareholders also approved the formation of the audit committee for the three-year term starting Jan. 21, 2021.
The committee members include Walid Ibrahim Shukri, Isam Alwan Al-Bayat, Suliman Abdulaziz Al-Tuwaijri, and Khalid Salem Al Ruwais.
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