Batic extends sale, purchase agreement to acquire 35.8% of Smart Cities Solutions

01/09/2021 Argaam

Logo of Batic Investment and Logistics Co.

Batic Investment and Logistics Co. announced, on Sept. 1, that the agreement on sale and purchase of shares with Smart Parking Holding Co. was extended for one month, ending Sept. 30.

 

The completion rate of the deal stands at 100%, the firm said in a bourse statement.

 

In May, Batic announced the signing of the agreement for the acquisition of a 35.8% stake in Smart Cities Solutions Company for Telecom and Information Technology, for an estimated price of SAR 107.9 million, Argaam reported.

 

Smart Cities Solutions has a 25-year concession contract for developing, establishing and operating smart parking in three main cities in Saudi Arabia, namely Khobar, Dhahran and Dammam.

 

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