Saudi Electricity Co.’s (SEC) shareholders approved the formation of a new affiliate company to generate electricity, the firm said in a bourse statement.

 

Shareholders also approved related party transactions to take place with The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf), consisting of two contracts to provide health insurance services to SEC’s Saudi and non-Saudi employees at a value of SAR 575 million and SAR 36 million respectively.

 

Meanwhile, they approved amending board members’ remuneration policy and membership policies during the general assembly meeting held on Tuesday.

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