Maharah signs MoU to acquire majority stake in Spectra Support Services

Logo of Maharah Human Resources Co.

Maharah Human Resources Co. signed a non-binding agreement to acquire a majority stake in Spectra Support Services, a limited liability company.

The MoU has a term of one year and is subject to financial and legal due diligence and obtaining required approvals, the company said in a bourse filing.

During the MoU term, Maharah will conduct a full due diligence, valuation, final negotiations, sign a share purchase agreement and apply for approvals from relevant bodies.

Any binding agreement is subject to the approvals of the board of directors, general assembly, and other relevant entities.

The company appointed KPMG Al Fozan & Partners as financial advisor for the deal. Further announcement will follow once there are essential developments related to the acquisition, the Saudi-listed firm said.

The acquisition is in line with Maharah’s business strategy towards expansion into a full-fledged human capital company. It is expected that this transaction will add value to Maharah and its investors, the statement also added.

The deal is a related party transaction, with previous financial transactions and due balance.

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