Batic approves purchase of 35.8% of Smart Cities Solutions

Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co. approved, on Sept. 19, the works and contracts concluded between the company and Smart Standing Holding Co., as well as Arabian Company for Security and Safety Services (AMNCO).

The company indicated in a bourse statement that the works and contracts comprise acquiring part of the shares owned by Smart Parking Holding Co., amounting to 35.8% of Smart City Solutions Co., a subsidiary of AMNCO, an affiliate of BATIC.

The meeting approved the following items:

The works and contracts that will take place between Batic and Smart Parking Holding Co., in which board Chairman Ahmed Mohammed Al Sanea and board member Firas Khalid AlBawardi have an indirect interest, is to buy part of the shares owned by Smart Parking Holding Co., amounting to 35.8% stake in Smart Cities Solutions Co., as per the prevailing trading conditions and without any preferential conditions.

The works and contracts that will take place between Batic and AMNCO, where Al Sanea, Vice Chairman Majid Abdullah Al Essa and Managing Director Mohammed Saud Al Zamil, and board members Firas Khalid Al Bawardi and Fahad Mubarak AlGathami have indirect interest, is to buy the entire shares owned by AMNCO in the capital of Smart Cities Solutions Co. in exchange for book value and without any preferential conditions.

In May, Batic signed an agreement with Smart Parking Holding Co. to acquire a 35.8% stake in Smart Cities Solutions Company for Telecom and Information Technology for an estimated price of SAR 107.9 million.

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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