Maharah subsidiary signs MoU with Salis for Trading & Marketing to acquire 40% stake

Maharah Human Resources Co. announced on Tuesday that its subsidiary (Growth Avenue Investment Company) which is owned 100% by Maharah is signing a Memorandum of Understanding to acquire a 40% stake in Salis For Trading and Marketing Company (soror.app) which is an on-demand home services application specialized in the household, personal, automotive and other variety of home services.

The company said that “the major terms in the memorandum are the completion of financial and legal due diligence and obtaining required approvals.”

There are no related parties in this agreement, it added.

The company has also said that actions to be taken by Maharah during the Memorandum’s duration are conducting a full due diligence, valuation, final negotiations, signing a share purchase agreement (spa) and applying to for approvals from relevant bodies.

“Any binding agreement is subject to Board of Directors (BOD) approval, and other relevant approvals. Further announcement will follow once there are essential developments related to the acquisition.” the company concluded.