The Clap
Jahez (9526) signed an agreement to fully acquire The Chefz in a deal worth SAR 650 million.
What
Based on “The Chefz” SAR 650 million valuation, the deal will be paid SAR 325 million in cash, and the remaining SAR 325 million to be issued as new shares in Jahez to the selling shareholders of “The Chefz”, with the exception of “Saqr Fund LP.”
So What
“The Chefz” is the operating company of the Chefz app, which delivers food, sweets, flowers, and perfumes in major cities in KSA.
The acquisition will allow Jahez to expand in food delivery services from restaurants and strengthen its platforms.
Now What
The acquisition is expected to be completed in Q1 2023.
