Saudi Electricity Company appoints Citigate Dewe Rogerson
Saudi Electricity Company appoints Citigate Dewe Rogerson as its capital markets communications advisor
Saudi Electricity Company (“SEC”) is in the process of a strategic transformation with its stated goal to become a world class utility within the next few years. Integral to this is decision to enhance SEC’s international investor communications through the planned implementation of a capital markets communications capability and strategy that will be in line with international best practice standards. This will help both the debt and equity markets to gain a deeper understanding of the SEC investment story; and by extension, lend greater support to valuations.
This decision to overhaul SEC’s communications with the capital markets comes on the eve of significant change in Saudi Arabia as the Kingdom’s Capital Markets Authority is gearing up with plans to open up the Tadawul equity market to international investors in the coming months.
Citigate Dewe Rogerson will work with SEC to strengthen its relations among financial audiences and key stakeholders. At the same time, a tailored capital markets communications programme will be introduced to roll out its investment profile and positioning. The CDR team will be led by both David Westover (Head of Emerging Markets) and Nick Cox-Johnson (Director of Investor Relations).
With a current market capitalisation in excess of SAR 74bn (US$ 20bn), SEC is the largest utility in the Middle East and one of the largest companies quoted on the Tadawul stock exchange. It is active in debt issuance and its international bond issues in 2012 and 2013 were heavily oversubscribed, raising US$4.5bn.