Batic shareholders approve stake purchase in Smart Cities Solutions

14/06/2022 Argaam

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Shareholders of Batic Investments and Logistics Co. ratified the business transactions concluded with Smart Solutions Co. Ltd, during an ordinary general meeting (OGM), held on June 13, according to a bourse filing.   

 

The approved transactionsinclude the acquisition of Smart Solutions’ entire 4% stake, or 40 shares, in Smart Cities Solutions Co. (SCSC) as well as the relevant rights and liabilities, for SAR 12 million, without any preferential terms.   

 

They also approved the business transactions concluded with Alwaleed Khalid Almuqbil, including the purchase of his entire ownership of 26 shares, or 2.6% in SCSC capital, with the related rights and liabilities, for SAR 7.8 million, without any preferential terms.   

 

Batic Chairman Ahmed Al-Sanie and board member Firas Al-Bawardi have indirect interest in both deals, as they own stakes in SCSC capital.  

 

For More Mergers and Acquisitions

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