Jahez establishes 51%-owned subsidiary operating in product selling, marketing

Logo of Jahez International Company for Information Systems Technology

Jahez International Company for Information Systems Technology (Jahez) established a 51%-owned subsidiary, “BLU Store”, a limited liability company specialized in selling and marketing products of different brands, as well as providing online services through “BLU Store” application.

In a bourse statement, the company said that Al Hilal Club Investment Co. will hold the remaining 49% stake in the company that will have SAR 500,000 capital.

Jahez financed its share of capital, totaling SAR 255,000, from its own resources.

The Tadawul-listed firm expects BLU Store’s commercial operations to start after fulfilling the regulatory requirements and obtaining the necessary approvals and licenses from the relevant authorities and the General Authority for Competition.

The two parties agreed on the main terms and conditions, through which the application’s development, operation, and management, as well as the company’s license and sponsorship as specified in its articles of incorporation will be carried out.

There is no financial impact for the time being, the company said, adding that “BLU Store” activities are expected to affect Jahez financial results positively in the future.