Jahez signs agreement to acquire entire shares of owners of Marn Business Information Technology at SR60 mln

Jahez Company announced on Wednesday the signing of Share Purchase Agreement (“The Agreement”) for the full acquisition of all the shares of Marn Business Information Technology Company (“The Company”). The transaction value is SR60,000,000 million.
The completion of this transaction is subject to a number of preconditions mentioned in the Share Purchase Agreement (“The Agreement”), including obtaining approvals from relevant authorities, including the General Authority for Competition approval.
The financial impact of this transaction is expected to start in the second half of the 2022 fiscal year.
This comes with reference to the announcement made by Jahez International Company for Information Systems Technology (Jahez) on 19-05-2022 on the signing of a non-binding offer with the shareholders of Marn Business Information Technology Company (“The Company”) for the full acquisition of all the Company.
It added that Morn Business for Information Technology provides individual resources by developing the goods of business owners through various digital solutions that work among themselves in conjunction with different service providers.
The financial statements for the last three years of the asset forming the subject matter of the transaction:
– Revenues:
2020: SR1,478,766
2021: SR3,992,297
2020: SR740,437
2021: SR329,901
The financial statements of the year 2020 are the first financial statements issued for the company. Jahez will announce the completion of the transaction or any other material developments in due course.