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BATIC Investment and Logistics Company (SCSC) announced on Sunday it has completed the purchase of 35.8% of Smart Cities Solutions Company for Communication and Information Technology from Smart Parking Holding Company with a value of SR 107,874,812.
The company said that all CPs related to this transaction are satisfied and completed prior shares conversion; such as valuation, financial and legal due diligence of SCSC, which are all have been conducted, examined, and completed by an authorized / independent third party consultants.
All related approvals and shareholders waiver were obtained (in writing) to their preemptive rights to purchase the shares sold.
The company said that the deal was financed through credit facilities from Al Jazira Bank.
SCSC is a company specialized in providing advanced technical services and smart solutions for the community and cities across kingdom.
The company provides several applications for cities, of which; smart parking management system integration, and its related infrastructure according to the seven technologies classified by the World Bank for smart cities, and to keep pace with global progress in this industry and its application in Saudi cities in line with the Kingdom vision 2030.
SCSC also owns an exclusive 25-years concession contract with the Eastern Province Municipality at a gross value of SAR 1.3 Billion to develop, construct, and operate smart parking solutions in three main cities: Al Khobar, Dhahran and Dammam.
The transaction comes in reference to BATIC Investment and Logistics Company announcement dated 14-4-2021, 2-5-2021, and 1-9-2021.
This transaction is in line with BATIC strategy to grow and expand in the smart city solutions sector, and to diversify its investment portfolio of inclusive services (i.e. Specialized transportation, Cash-in-Transit, Cash Processing, Facility Management, Medical & Home care services) by empowering vital long-term partnership with the public sector (i.e. Municipalities) to maximize shareholders value .