Jahez finalizes 1st phase of Qatar’s Snoonu acquisition

Logo of Jahez International Company for Information System Technology

Jahez International Company for Information System Technology completed the first phase of the planned acquisition of Qatar-based Snoonu Corporation Holding LLC. This entailed the purchase of 7.9 million shares (a 75% stake) in the latter.

In a statement to Tadawul, the company said that the transaction’s consideration has been funded in cash through Jahez’s own resources and through existing treasury shares held by Jahez.

Upon deal closure, Jahez will subscribe to 702,338 shares, representing 1.56% of Snoonu’s capital, and the market will be notified accordingly.

In turn, Jahez’s overall ownership stake will reach 76.56% of Snoonu’s share capital, while the founder Hamad Al-Hajri will retain shareholding of the remaining 23.44%.

The transaction does not involve related parties, the company noted.

Jahez also indicated that the financial impact of the transaction will be reflected in its 2025 income statement.

According to Argaam data, Jahez signed a share purchase and subscription agreement (SPSA) on July 9 to acquire a 76.56% stake in Snoonu for $245 million (SAR 919 million).

Under the agreement, Jahez will acquire 8.14 million shares, making up 75% of Snoonu’s share capital, from existing shareholders for $225 million (SAR 844 million), funded through a combination of cash and Jahez treasury shares.

Additionally, Jahez will subscribe to 723,960 newly-issued shares in Snoonu, representing a further 1.56% stake, for an additional $20 million (SAR 75 million) in cash.

In addition to the $225 million purchase price, Jahez will pay $214 million (SAR 802 million) in cash to Snoonu’s current shareholders and transfer 1.54 million of its treasury shares, accounting for 0.73% of its share capital, to Al-Hajri.

The remaining $20 million (SAR 75 million) will be injected into Snoonu as part of the new shares’ subscription process.

Snoonu, founded in 2019 by Al-Hajri, is a Qatar-based technology and logistics company operating an integrated e-commerce and on-demand delivery platform. The company caters to food and retail consumers and offers third-party logistics solutions tailored to startups and SMEs.