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SEC announces acquiring an interest of 25% stake in “Electric Vehicle Infrastructure Company” a wholly owned company of PIF a cost of 254,000,000 riyals
5110
SAUDI ELECTRICITY
0.40
%
1445/03/23 08/10/2023 09:45:56
| Element List | Explanation |
|---|---|
| Introduction | Saudi Electricity Company (SEC) announces that it has signed, on 05-10-2023 an agreement with Public Investment Fund for developing, according to which the Saudi Electricity Company will acquire 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. |
| Transaction Details | SEC acquiring 25% stake in “Electric Vehicle Infrastructure Company” a wholly owned company of PIF, a cost of 254,000,000 riyals. |
| Transaction Value | 254,000,000 SAR |
| Transaction Terms | 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. |
| Parties of the Transaction | Saudi Electricity Company Public Investment Fund |
| Transaction Funding Method | The transaction has been funded through a mixture of SEC’s own resources |
| Transaction Execution Date | 2023-10-05 Corresponding to 1445-03-20 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Operate and create partnerships to provide alternate current (AC) and direct current (DC) power charging infrastructure for EVs |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not applicable as the company is newly formed |
| Transaction reasons | Opportunity to tap into electric vehicle industry through a minority investment in electric vehicle charging infrastructure developer |
| Expected Impact of the Transaction on the Company and Its Operations | Strengthening the company's position in the market and future proof its business |
| Related Parties | Public Investment Fund |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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