Saudi Arabia mulls stake sale in utility SEC to SoftBank Vision Fund

Photo: Reuters

Saudi Arabia will consider selling a large stake in Saudi Electricity Co to SoftBank Vision Fund, but the Saudi government would retain a controlling shareholding, the utility said on Tuesday.

Saudi Arabia’s Public Investment Fund, which holds a 74 percent stake in Saudi Electricity Co (SEC), signed a memorandum of understanding with SoftBank Vision Fund, the world’s largest private equity fund, on Monday for SEC to develop 3 gigawatts of solar energy in 2018, SEC said in a statement.

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