Saudi's Maharah says unit signs MoU to acquire 40% stake in Salis

MoU valid for three months

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Saudi Arabia's Maharah Human Resources Co. said its wholly owned subsidiary Growth Avenue Investment Co. is signing a memorandum of understanding (MoU) to acquire a 40 percent stake in Salis For Trading and Marketing Co., an on-demand home services application.

In a statement to the Saudi Tadawul bourse on Tuesday, Maharah said the MoU is valid for three months, during which period it will conduct due diligence, valuation, final negotiations, sign a Share Purchase Agreement (SPA) and apply to for approvals from relevant bodies.

It didn't disclose any terms for the potential acquisition.  

(Writing by Brinda Darasha; editing by Daniel Luiz) 

brinda.darasha@lseg.com

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