RIYADH: Shares of Jahez International Co. for Information Systems Technology increased slightly, after it signed an agreement to acquire all shareholders’ shares of Marn Business Information Technology Co. for SR60 million ($16 million).
Jahez’s shares increased 0.51 percent to end Wednesday’s session at SR913.60.
The transaction is in line with the online food delivery platform Jahez’s strategy of expanding its business through acquisitions in order to take advantage of the growing opportunities in the industry, it said in a bourse filing.
The completion of this agreement requires the approval of relevant authorities, including approval from the General Authority for Competition.
The financial impact is expected to appear in the second half of the fiscal year 2022, it said.
Marn Business develops an eco-system by integrating digital services with different service providers to build systems for business owners.
