Jahez amends terms related to acquired shares in Qatar’s Snoonu

Logo of Jahez International Company for Information System Technology

Jahez International Company for Information System Technology agreed to amend the terms related to the number of shares acquired in the deal to purchase 76.56% of Snoonu Corporation Holding LLC to align with the actual number of issued shares, according to a statement to Tadawul.

Under the revised terms, Jahez will acquire 7.9 million shares, representing 75% of Snoonu’s capital, and will subscribe to an additional 702,300 new shares, representing 1.56% of the company’s capital.

No change was made to the ownership percentage acquired in Snoonu’s capital or in the total value of the transaction, the statement added.

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

Under the agreement, Jahez will acquire 8.14 million shares, representing 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.

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