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Batic seeks SAR 300m capital raise

Batic seeks SAR 300m capital raise
Al Jazira Capital has been appointed as the financial advisor for the offering
BATIC
4110
-0.84% 35.45 -0.30

Riyadh – Mubasher: The board of Batic Investments and Logistics Company on 14 April recommended a capital increase by SAR 300 million through the offering of a rights issue, according to a disclosure to Tadawul on Thursday.

Batic aims to finance its future plans and projects through the potential capital raise. It plans to expand activities while aligning its investment and growth plans amid the economic developments Saudi Arabia has been witnessing under Vision 2030.

The company also intends to use the capital hike value in acquiring profitable assets as well as purchasing or investing in companies and income-generating resources.

Al Jazira Capital has been appointed as the financial advisor for the offering.

Batic has recently signed a contract with Smart Parking Holding Company to acquire 34.4% of Smart Cities Solutions Company’s capital.