Riyadh – Mubasher: Jahez International Company for Information System Technology has fully acquired food delivery platform The Chefz after purchasing 134,620 shares for SAR 650 million.

In order to carry out the transaction, Jahez will increase its capital by SAR 3.76 million, representing 3.60% of the capital’s value, according to a bourse filing

Consequently, the new capital will stand at SAR 108.68 million distributed over 1.08 million shares, compared to SAR 104.91 million and 1.04 million shares.

The takeover process comprises a cash consideration worth SAR 325 million. In addition, Jahez will issue new shares, which are below 5% of The Chefz’s share capital, in favour of the delivery firm’s shareholders.

Meanwhile, the founding members of The Chefz will receive cash earnings worth SAR100 million, which will be subject to the company’s performance during 2022.

The equity value of Jahez amounted to SAR 9.04 billion at a nominal price of SAR 862 per share during the five-month period from signing the sale and purchase agreement.

Underthe acquisition deal, which is expected to be concluded in the first quarter (Q1) of 2023, the Tadawul-listed firm will issue 2.99 new shares for every share in The Chefz, excluding SAQR Fund.

The transaction will enable Jahez to complement its food delivery platform by deploying The Chefz’s offerings in dining restaurants, confectionery shops, and leisure goods.

Last October, Jahez purchased Marn Business Information Technology Company’s entire shares at total a value of SAR 60 million.