The Chefz IPO on Tadawul among possible options: CEO

Logo of The Chefz

An initial public offering (IPO) of The Chefz on the Saudi Exchange (Tadawul) is among the options being considered, said Founder and CEO Abdulrahman Alshabanat.

In the Swalif Business podcast, the CEO stated that all options are available to the company and are not limited to being acquired by another company.

Commenting on the termination of an acquisition deal with Jahez International Co. for Information System Technology (Jahez), Alshabanat explained that the reason behind not closing the deal was the prolonged procedures of obtaining regulatory approvals.

He added that the decline in Jahez stock is not related to the failure to acquire The Chefz.

On Nov. 29, 2022, Jahez signed a SPA to acquire 134,620 shares in The Chefz, representing a 100% stake.

In May 2023, the SPA was extended until July 31 and then to Oct. 31, 2023.

Earlier this month, Jahez announced that the period to fulfil the conditions related to acquiring 100% of The Chefz SPV expired without an agreement.

Jahez announced that there was no deal to extend the agreement; therefore, the share-purchase agreement and the related addendums were terminated, according to Argaam's data.

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