Saudi Electricity shareholders elect board members

Saudi Electricity Co. (SEC) shareholders have elected board members for the three-year term that started Jan. 21, 2018, the utility provider said in a bourse statement.

The new board will include Khaled Al Sultan, Gerard Mestrallet, Najm Al Zaid, Rashid Sharif and Raed Al Rayes as representatives of the Public Investment Fund (PIF).

SEC’s board will also include Essam Al Bayyat, Abdumalik Al Hugail, and Abdulaziz Al Khayyal as independent members, while Abdulkarim Al Ghamdi will serve as a representative of Saudi Aramco.

In addition, the general assembly authorized the board’s actions from Jan. 1, 2018 until Jan 21, 2018.

Last September, SEC registered the government’s stake in its capital in the Public Investment Fund’s (PIF) portfolio at the Securities Depository Center Company (Edaa), Argaam reported earlier.

The Saudi government owns 3,096,175,320 shares in SEC, representing 74.31 percent of capital.