RIYADH: Batic Investments and Logistics Co. agreed to acquire Smart Solutions Co.’s stake in Smart Cities Solutions for Communications and Information Technology for SR12 million ($3.19 million).

The stake is equivalent to 4 percent of Smart Cities Solutions capital, according to a filing with Saudi stock exchange, Tadawul.

The deal is pending necessary official approvals by the Competition Authority and any other entities if necessary, the statement added.

The purchase will be financed from Batic’s available cash resources.