Jahez International Company for Information Systems Technology (SASE:9526) signed a non-binding offer to acquire Marn business information technology company from shareholders for SAR 60 million on April 19, 2022. Jahez International Company for Information Systems Technology (SASE:9526) announces the signing of Share Purchase Agreement for the full acquisition of all the shares of Marn business information technology company on October 4, 2022. Closing of transaction is subject to Conducting full due diligence and obtaining approvals from relevant authorities.

The completion of this transaction is also subject to a number of preconditions mentioned in the Share Purchase Agreement including obtaining the approvals from relevant authorities, including the General Authority for Competition approval. Marn business information technology company reported revenues of SAR 3.99 million and net profit of SAR 0.33 million for 2021. The financial impact of this transaction is expected to start from the second half of the 2022 fiscal year.

Jahez will announce the completion of the transaction or any other material developments in due course.