Saudi Electricity’s shareholders to vote on reserve balance transfer on April 16

Saudi Electricity Co. headquarters

Saudi Electricity Co. (SEC) will hold its extraordinary general meeting (EGM) on April 16, to vote on the proposed transfer of the statutory reserve balance, amounting to SAR 7.10 billion as of Dec. 31, 2022, to retained earnings, according to Tadawul statement.

The EGM will also vote on transferring the general reserve balance, totaling SAR 702.34 million, as of Dec. 31, 2022, to retained earnings.

Additionally, the agenda includes voting on amending the policy governing bonuses for board members, its committees, and the executive management team.