Maharah subsidiary signs MoU to acquire 40% stake in Salis Trading and Marketing

30/11/2021 Argaam

Logo of Maharah Human Resources Co.

Maharah Human Resources Co. said its fully-owned subsidiary Growth Avenue Investment Co. signed, on Nov. 29, a memorandum of understanding (MoU) to acquire 40% stake in Salis For Trading and Marketing Co., which owns Soror application.

 

In a statement to Tadawul, Maharah said Soror is an on-demand home services application specialized in the household, personal, automotive and other variety of home services.

 

The duration of the MoU is three months, and its major terms include completion of financial and legal due diligence and obtaining required approvals.

 

During the duration of the MoU, Maharah will conduct a full due diligence, valuation, final negotiations, sign a share purchase agreement (SPA) and apply for approvals from relevant bodies, the statement said.

 

Any binding agreement is subject to board of directors’ approval, and other relevant approvals.

 

Maharah will announce essential developments related to the acquisition in due course.

 

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