Batic to acquire stake in Smart Cities Solutions for $3.19m

Batic to acquire stake in Smart Cities Solutions for $3.19m
Smart Cities Solutions is building a parking project in Saudi Arabia's Eastern Province. (Shutterstock)
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Updated 14 January 2022
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Batic to acquire stake in Smart Cities Solutions for $3.19m

Batic to acquire stake in Smart Cities Solutions for $3.19m
  • Smart Cities Solutions posted a net loss in 2020 on delays to a major project

RIYADH: Batic Investments and Logistics Co. agreed to acquire Smart Solutions Co.’s stake in Smart Cities Solutions for Communications and Information Technology for SR12 million ($3.19 million).

The stake is equivalent to 4 percent of Smart Cities Solutions capital, according to a filing with Saudi stock exchange, Tadawul.

The deal is pending necessary official approvals by the Competition Authority and any other entities if necessary, the statement added.

The purchase will be financed from Batic’s available cash resources.

Smart City Solutions reported a net loss of SR10.86 million on revenue of SR808,564 in the year ended Feb. 29, 2020, because of limited operation of a parking project in the Eastern Province, Batic said in the filing.