<p class="MsoNormal">Saudi Electricity Company (SEC) on Monday said it signed an agreement with the Ministry of Finance to convert government liabilities worth 167.92 billion riyals ($45 billion) into a Shariah-compliant equity-like non-dilutive financial instrument that would be categorized as shareholder equity in the company’s balance sheet. <span style="line-height:107%">The equity-like instrument will carry a 4.5% profit rate and a redemption option, the company informed Saudi Stock Exchange Tawadul.</span></p>
