SEC buys 25% of Electric Vehicle Infrastructure shares for SAR 254 mln

Saudi Electricity Company (SEC) announced on Sunday that it has signed, on 05-10-2023, an agreement with the Public Investment Fund for development, according to which the Saudi Electricity Company will acquire a 25% stake in “Electric Vehicle Infrastructure Company” a single shareholder closed joint stock company and wholly owned by PIF, a cost of 254,000,000 riyals, this for strengthening the company’s position in the market and future proof its business.

The Company explained that the transaction terms are Negotiable terms and conditions according to the equivalent practices and for ensuring the participation in directing the company, IP rights, regulating the right to compete, and exit rights. The company indicated that the transaction had been funded through a mixture of SEC’s own resources.

The Company added that the Description of the Business of the Asset forms the Subject Matter of the Transaction, which is to operate and create partnerships to provide alternate current (AC) and direct current (DC) power charging infrastructure for EVs.