Saudi Electricity approves SAR 3.5 bln credit facilities with NCB, GIB

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.