Batic shareholders to vote on acquisition of 2% of Smart City Solutions for SAR 6 mln on Dec. 29

Logo of Batic Investments and Logistics Co. 

Shareholders of Batic Investments and Logistics Co. will vote on the transactions and contracts made between Batic and Hazon, during the ordinary general assembly meeting (OGM) scheduled for Dec. 29, the company said in a bourse statement. 

Under these contracts, Batic will buy Hazon’s entire stake, 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. Chairman Ahmed Al-Sanea and board member, Feras Al-Bawardi have an indirect interest in Smart City Solutions. 

The shareholders will also vote on mandating the board of directors with the OGM authorities 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.

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