RIYADH: The shares of Jahez, the Saudi food delivery startup, edged lower in afternoon trading after the signing of an initial agreement to acquire Marn, a point of sales systems provider.
As of 01:18 p.,m. Saudi time, Jahez's shares were 1.03 percent lower at SR1,152 ($300) as compared to SR1,164.00 the previous day.
Jahez signed an initial agreement with shareholders of Marn Business Information Technology Co., a PoS systems provider for the food and beverage and retail sectors, to fully acquire the latter.
The proposed acquisition will be priced based on the findings of due diligence, the company said in a bourse filing.
Jahez was listed on Saudi Exchange's parallel market earlier this year as its first-ever listing of a local startup and was recently valued at $3.25 billion.
