Maharah concludes acquisition of Spectra Support Services

Maharah and Spectra also entered into a settlement agreement

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Maharah Human Resources Company has completed the acquisition and transfer of 90% of Spectra Support Services Company’s shares, according to a bourse filing on Thursday.

Maharah and Spectra also entered into a settlement agreement where the selling parties would waive the acquisition transaction value in return for the listed firm to capitalise in Spectra’s paid-up capital an equal amount from the debt owed by Spectra to Maharah.

The two entities earlier agreed to extend their agreement until 30 October 2021 to provide more time to conclude the acquisition.

Last April, Maharah signed a non-binding memorandum of understanding (MoU) to acquire a majority interest in Spectra Support Services.

Source: Mubasher

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