BATIC shareholders to vote on stake acquisition in Smart Cities Solutions on June 13

Logo of Batic Investments and Logistics Co.

Batic Investments and Logistics Co. shareholders will vote on the contracts and transactions made between the company and Smart Solutions, during an ordinary general assembly meeting, to be held on June 13, according to a bourse filing. 

These transactions include the acquisition of the entire 4% stake of Smart Solutions, which amounts to 40 shares, in Smart Cities Solutions Co. (SCSC) as well as the relevant rights, and obligations, at a total value of SAR 12 million, without any preferential terms. 

They will also vote on the contracts and transactions concluded between Batic and Alwaleed Khalid Almuqbil. This includes the full purchase of his 26 shares, or 2.6%, in SCSC, with the related rights or obligations for SAR 7.8 million without any preferential terms. 

Chairman Ahmed Al-Sanea and board member Firas Al-Bawardi have indirect interests in the above two contracts, as they hold a stake in SCSC.