Jahez acquires all the shares of Marn business IT Company at SR60 mln

Jahez Company on Wednesday announced the completion of all procedures required to conclude the full acquisition of all the shares of Marn Business Information Technology Company (“The Company”) after fulfilling the preconditions mentioned in the Share Purchase Agreement, including obtaining the approvals from relevant authorities, with total transaction value of the acquisition is sixty million (60,000,000) Saudi Riyals.

The company said today on “Tadawul” that the acquisition has been be funded from its own resources, indicating that it expects that the financial impact of this transaction is expected to start from the first half of the 2023 fiscal year.

With reference to the announcement made by Jahez International Company for Information Systems Technology (Jahez) on 05-10-2022 on the signing of a Share Purchase Agreement for the full acquisition of all the shares of Marn Business Information Technology Company (“The Company”).

In another matter, Jahez announced the start of its business’s pilot phase in Kuwait today, Thursday, January 5, 2023.

The Company explained that this indicates that the financial impact of this expansion will appear as of the first half of 2023.

The expansion of the group’s business outside the Kingdom of Saudi Arabia comes as part of its plans to expand its operational capabilities in several countries in the region within the countries of the Cooperation Council for the Arab States of the Gulf.