Riyadh – Mubasher: Batic Investments and Logistics Company signed a sale purchase agreement with Smart Parking Holding Company to acquire a 35.8% stake in Smart Cities Solutions Company for Telecom and Information Technology.

The purchase value is estimated at SAR 107.78 million, which will be reviewed and determined definitively by Batic.

Smart Parking Holding will receive the amount over two instalments, according to a bourse disclosure on Sunday.

“This acquisition comes in line with the strategic direction of Batic to expand and increase the share of its domestic investments in the integrated services sector to keep pace with the revival and positive economic changes that Saudi Arabia is witnessing in its ambitious vision 2030,” the company said.

Batic has recently acquired 40% of the capital of its subsidiary AlShifa Technology Company.