Jahez says Chefz SPV buyout deal ‘not closed’

01/11/2023 Argaam

Jahez says Chefz SPV buyout deal ‘not closed’

Logo of Jahez International Co. for Information System Technology 

Jahez International Co. for Information System Technology (Jahez) announced that the period to fulfil the conditions related to the acquisition of 100% of Chefz SPV LTD expired without an agreement, according to a statement to Tadawul.

 

Jahez added that there was no deal to extend the term, accordingly, the share-purchase agreement (SPA) and the related addendums are terminated.

 

On Nov. 29, 2022, Jahez signed the SPA to acquire 134,620 shares in The Chefz, representing a 100% stake. The SPA was signed with Abdulrahman Abdullah Alshabanat, Abdulrahman Ahmed Almarshed, Abdullah Mohammed Aldosari, Saqr Fund L.P, Impact46 Seed Fund/Impact Seed Fund Co., and Muthmir for Investment Co.

 

On Sept. 14, the General Authority for Competition (GAC) granted a conditional approval for Jahez to acquire The Chefz, Argaam reported.

 

In May 2023, the SPA was extended until July 31, and then to Oct. 31, 2023.

 

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