Saudi Arabia’s leading online food delivery platform Jahez is looking to diversify its business profile with the point of sale (POS) business. The publicly-traded company has filed a 30-day nonbinding offer to fully acquire the Saudi-based POS provider Marn Business Information Technology Co.
The acquisition is still subject to authority approval, particularly from a financial advisor. The final price for the acquisition has not been made and will be based on the findings of due diligence.
Why it matters
Interestingly, Jahez shares dropped by 1.03% following the news. Perhaps investors are skeptical of Jahez's new investment.
