Riyadh - Mubasher: Jahez International Company for Information System Technology (Jahez) has completed the first phase of its acquisition of Snoonu Corporation, acquiring 75% of its share capital, equivalent to 7.90 million shares.

The purchase was funded partly in cash and partly via Jahez’s treasury shares, according to a bourse filing.

After the first phase, Jahez will acquire an additional 702,338 shares, accounting for 1.56% equity, raising its total stake in Snoonu to 76.56%. Meanwhile, the founder, Hamad Mubarak Al Hajri, retains 23.44%.

The transaction’s impact will appear in Jahez’s 2025 financial statements.

In August, Jahez secured Sharia-compliant credit facilities worth SAR 150 million from the National Bank of Bahrain (NBB).