Saudi Electricity Company (SEC) has acquired a 25 percent stake in Electric Vehicle Infrastructure Company for 254 million Saudi riyals ($67.73 million).

The move will allow the SEC to operate and create partnerships to provide alternate current (AC) and direct current (DC) power charging infrastructure for EVs, the company said in a statement to the Saudi stock exchange on Sunday.

Electric Vehicle Infrastructure Company is backed by Saudi sovereign wealth fund Public Investment Fund (PIF).

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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