Riyadh – Mubasher: Batic Investments and Logistics Company signed on 13 April a memorandum of understanding (MoU) with Smart Parking Holding Company to acquire 34.4% of Smart Cities Solutions Company, according to a bourse filing on Wednesday.

The MoU duration is four months, with both parties agreeing on the consideration for this acquisition to be in a cash payment.

Batic noted that the transaction is part of the company’s strategic direction to support investments and growth plans.

Last year, the Saudi listed firm concluded an agreement with Huawei to provide innovative smart city solutions in Saudi Arabia.