Batic completes transfer of AMNCO’s 35% in Smart Cities Solutions

Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co. completed today, Dec. 29, the procedures required for transferring the 35% stake owned by its subsidiary, Arabian Company for Security and Safety Solutions (AMNCO) in Smart Cities Solutions for Communications and Information Technology to the parent company.

Batic said in a statement to Tadawul that there are related parties to the deal, including Ahmed Al Sanea, chairman of Batic and AMNCO, who indirectly owns shares in Smart City Solutions; as well as Majid AlEssa, Fahad Algathami and Mohammed Al Zamil, who serve as board members at Batic and AMNCO.

Other related parties are Firas Al Bawardi, a board member at Batic and AMNCO, and Chief Executive Officer (CEO) of JASARA, which owns a 10% stake in Smart Cities Solutions.

On Aug. 26, Batic signed a sale purchase agreement (SPA) with AMNCO to acquire its entire stake in Smart Cities Solutions in exchange for cash.