Batic shareholders reject acquisition of 2% of Smart City Solutions for SAR 6 ml

Shareholders of Batic Investments and Logistics Co. rejected the contracts made between Batic and Hazon, during the extraordinary general assembly meeting (EGM) held on Dec. 6, the company said in a bourse statement. 

Under these contracts, Batic would have acquired the entire stake owned by Hazon, which represents 20 shares, or 2% of Smart City Solutions for Communications and Information Technology, as well as its rights and obligations at a total value of SAR 6 million without any preferential conditions. 

The shareholders also rejected mandating the board of directors with the authority of the ordinary general assembly as per the Companies Law, for one year from the date of the general assembly’s approval or until the end of the authorized board session, whichever is earlier.

Other agenda items were approved including the company’s rights issue to increase capital.