Saudi Electricity to be paid $719m in debt owed

The debt was owed by high profile customers, it said in a statement without elaborating.
By Reuters
Sun 06 Jul 2014 02:44 PM

Saudi Electricity Co (SEC) will be paid SAR2.7bn riyals ($719.9m) in debt owed by high profile customers, it said in a statement on Sunday.

The debt was previously recorded as provisions against receivables outstanding and the payment will have a significant impact on earnings, a bourse statement said.

SEC did not clarify in which quarter the payment will be reflected but it obtained approval from relevant authorities for it on July 3.

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