The signing of the agreement
Maharah Human Resources Co. said that its subsidiary Growth Avenue Investment Co. (GAC) completed, on Dec. 29, tranche-1 of the acquisition where GAC acquired 20% of Salis for Trading and Marketing Co.’s equity via capital injection in exchange of newly issued Salis shares.
GAC completed payment of consideration of the first tranche and necessary amendments to Salis articles of association with the Ministry of Commerce, Maharah said in a statement on Tadawul.
The company said that an agreement was signed on the closing day with Salis owners to implement the acquisition in two tranches, given that the first tranche represented the acquisition of 20% of the company's equity.
Furthermore, the deal granted GAC the option to purchase 20% of the company's shares within six months from the closing date in the second tranche, provided that Salis achieves the financial and operational targets agreed upon between the two parties.
In May 2022, Maharah said that its wholly-owned subsidiary GAC signed a sale and purchase agreement (SPA) to acquire a 40% stake in Salis for Trading and Marketing Co., Argaam reported.
Later in October, the General Authority for Competition (GAC) issued a no-objection certificate for the economic concentration between GAC and Salis for Trading and Marketing Co.
Salis owns and operates Soror App.
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