Batic signs pact to acquire Almogbil's stake in Smart Cities Solutions for SAR 7.8 mln

Logo of Batic Investments and Logistics Co. 

Batic Investments and Logistics Co. signed, on May 12, an agreement with Alwaleed Khalid Almogbil to acquire his 2.6% stake in Smart Cities Solutions for Communications and Information Technology (SCSC) for SAR 7.8 million, the company said in a bourse filing today, May 15.

The terms of the deal include that other partners in SCSC independently waive in writing any priority or rights to purchase shares sold, take necessary official approvals before completing the quota transfer process, and get consent from Bactic shareholders (second party) before completing the quota transfer process.

The transaction will be funded from the company's cash resources.

This acquisition deal aligns with Batic's growth and expansion strategy in the smart solutions sector and build, operate, and transfer (BOT) projects within Saudi Arabia.

Batic's share of the financial results of SCSC is expected to increase in terms of purchased shares.

Batic Chairman Ahmed Al Sanie and board member Firas Al Bawardi are related parties with an indirect interest in the transaction.

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