Riyadh – Mubasher: Saudi Electricity Company(SEC) penned an agreement with the Public Investment Fund (PIF)to acquire a 25% stake in the Electric Vehicle Infrastructure Company at a value of SAR 254 million.
The transaction will be funded through a mixture of SEC’s own resources, according to a bourse filing.
The two parties signed the deal on 5 October 2023 to provide alternate current (AC) and direct current (DC) power charging infrastructure for electric vehicles (EVs).
SEC pointed out that the acquisition will reinforce its position in the market and boost its business.
It is worth highlighting that Electric Vehicle Infrastructure is a closed joint stock firm that is wholly owned by PIF.
In the first half (H1) of 2023, the listed company logged net profits after Zakat and tax valued at SAR 4.49 billion, down 35.94% year-on-year (YoY) from SAR 7.02 billion.
Revenues edged up by 0.50% to SAR 33.09 billion in H1-23 from SAR 32.93 billion in H1-22, while the earnings per share (EPS) plummeted to SAR 0.17 from SAR 0.77.
