BATEC buys 35.8% of the capital of "Smart Cities Solutions"

BATEC Investment and Logistics Company agreed to buy 35.8% of the smart city solutions for communications and information technology, owned by the Smart Parking Holding Company.

According to Arabiya Net, the company clarified in a statement that the works and contracts that will be concluded between all parties have been approved, in accordance with the prevailing commercial terms and without any preferential terms.

The company indicated that the Chairman of the Board of Directors, Ahmed bin Muhammad Al-Sanea, and the member of the Board of Directors, Firas bin Khaled Al-Bawardi, have an indirect interest in it.

The business and contracts that will be concluded between Batik Investment and Logistics Company and the Arab Company for Security and Safety Services AMNCO have also been approved, which is owned by the Chairman of the Board of Directors Ahmed bin Mohammed Al-Sanea, Vice Chairman of the Board of Directors Majed bin Abdullah Al-Issa, and the Managing Director Mohammed bin Saud Al-Zamil, member of the board of directors, Firas bin Khaled Al-Bawardi, and member of the board of directors, Fahd bin Mubarak Al-Qathami, have an indirect interest in it.

The deal represents the purchase of the entire shares owned by the Arab Company for Security and Safety Services AMNCO in the capital of the Smart Cities Solutions Company, in return for the book value and without any preferential conditions.

Last May, BATIC Investment and Logistics Company signed a share sale and purchase agreement with Smart Standing Holding Company, in order to acquire 35.8% of the capital of the Smart Cities Solutions Company for Communications and Information Technology, for a cash consideration of 107.9 One million riyals initially.

Batic turned into a net profit of about 3.85 million riyals in the second quarter of 2021, compared to losses of about 7.2 million riyals in the same quarter of 2020.

The company had achieved a net loss of about 3.76 million riyals in the first quarter of 2021.

Batik said in a previous statement, that the shift to profitability in the second quarter of 2021, on an annual basis, is mainly due to the increase in operating revenues by 11%, as operating revenues during the second quarter of 2021 amounted to an amount 108.6 million riyals, compared to 98.1 million during the second quarter of 2020.