The value of the deal amounts to SAR 107.87 million which was financed through credit facilities from Bank AlJazira, Batic said in a bourse disclosure on Monday.
All financial, legal, and due diligence procedures of Smart Cities Solutions have been conducted through a third party. Other shareholders in the company waived in writing their preemptive rights to purchase the shares sold and Batic has acquired all approvals related to the transaction.
The financial impact of the deal is expected to reflect on the financial results of the fourth quarter (Q4) of 2021.
In May, Batic signed an agreement with Smart Parking to acquire its shares in Smart City Solutions.
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