Saudi Electricity Company recently held its 11th Extraordinary General Assembly Meeting, conducted via modern technology from the company's headquarters in Riyadh. The meeting took place on May 13, 2024, with a significant shareholder attendance of 87.22%.
Several board members were present at the meeting, including Chairman Dr. Najm Abduallah Alzaid and Vice-Chairman Dr. Raed Nasser Alrayes. Other attendees included Mr. Walid Ibrahim Shukri, Mr. Khalid Salem Alrowais, Mr. Mohammed Abdulrahman Albalaihed, Dr. Mohammed Saeed Owayedh, Eng. Abdulaziz Ahmed Al-Naim, Eng. Scott Mathew Prochazka, and Mr. Cheong Seung-IL.
The assembly reviewed several key agenda items such as the Board of Directors Report and financial statements for the fiscal year ending December 31, 2024. Shareholders approved the external auditor's report and endorsed a dividend distribution of SAR 2,916,615,670.50 for that fiscal year.
Dividends will be distributed to shareholders holding shares by the end of the trading session on the assembly date and registered in the company's shareholder register at Edaa by the second trading day after eligibility date.
Additionally, shareholders approved remuneration payments to board members totaling SAR 8,816,001.2 for their services during the fiscal year ended December 31, 2024.
Further approvals included amendments to committee charters and authorization for board actions related to contractual reserves for Mudaraba instruments.
Transactions involving SEC and ACWA Power were also ratified despite indirect interests from board members Dr. Najem Abdullah Al-Zied and Mr. Muhammad bin Abdulrahman Al-Belaihed in projects valued up to SAR 940 million without preferential conditions.
Lastly, an agreement between SEC and Saudi Investment Bank was sanctioned involving USD 3.6 billion in international syndicated credit facilities over five years with an extension option.
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