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Saudi Electricity to receive $719m in debt

Riyadh, July 6, 2014

Saudi Electricity Company (SEC) will be paid 2.7 billion riyals ($719.9 million) 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.-Reuters

Tags: Saudi Electricity Company | debt |

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