Saudi utility SEC has invited shareholders to a meeting in Riyadh on 18 December to vote on the proposed establishment of a “power generation company affiliated to the Saudi Electricity Company” in a move that is likely the next step towards privatization of SEC.

The Saudi government is SEC’s key shareholder via its PIF sovereign wealth fund (74.3%) whilst state oil giant Aramco has 6.9%. The remaining 18.8% is floated on the Saudi Stock Exchange (Tadawul). (CONTINUED - 604 WORDS)