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FINANCIAL NEWS
Saudi mulls SWCC privatization
13 Jan 2015
(MENAFN) Saudi’s Supreme Economic Council said that they are considering the option of privatizing Saudi Arabia’s Saline Water Conversion Corporation (SWCC), Gulf Daily News reported.
SWCC, which has been working for years on plans to go public, is the kingdom’s second-largest power producer, as well as being responsible for sea water desalination and the supply of potable water to Saudi coastal and inland cities.
SWCC previously said that the privatization process would include establishing a joint stock company with a capital exceeding USD16bn, 30 percent of which will be sold to the public in an initial public offering.
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