Al-Khaleej Training and Education Company announces that it has signed a sale and purchase agreement to acquire 60% of the ownership stakes of Al-Faisaliah National Schools Company
|Announcement Detail||With reference to the announcement of Al Khaleej Training and Education Company on Tadawul website on 06/04/2022 AD about the latest developments regarding the extension of the non-binding memorandum of understanding signed with the owners of Al-Faisaliah National Schools Company Limited and announced on 20/10/2020 on the Tadawul website in order to acquire (60 %) of the ownership shares of Al-Faisaliah National Schools Company in Jeddah, conditional on completing the legal due diligence work and signing the sale and purchase agreement.|
Al-Khaleej Training and Education Company announces the signing of the sale and purchase agreement regarding the acquisition of (60%) of the ownership shares of Al-Faisaliah National Schools Company (the deal) on Tuesday evening 05/07/2022 AD.
The total value of this deal is only (60,000,000) sixty million Saudi riyals, which represents only (60%) of the total value of the deal.
The sale and purchase agreement with the owners of Al-Faisaliah National Schools Company is subject to a number of conditions, including, but not limited to, obtaining the approval of the competent government authorities, including the Competition Authority and the Ministry of Education, and the sellers’ finalization of some legal procedures related to completing licenses and regulatory permits.
The agreement also stipulates that the transaction value will be paid as follows:
1. Payment of only (30,000,000) thirty million Saudi riyals upon signing the partners’ decision to add a new partner and to transfer the company’s legal entity before the notary public and document it in a systematic manner to transfer the ownership of the shares sold to Al Khaleej Training and Education Company.
2. . Payment of the amount of (30,000,000) only thirty million Saudi riyals upon receipt of the new commercial registration of the company after including the name of Al Khaleej Training and Education Company in the memorandum of association and commercial registry.
It should be noted that there are no related parties in the agreement mentioned in the announcement.
It is noteworthy that Quality and Time Business Services is the financial advisor for this transaction.
Al Khaleej Training and Education Company will announce any material developments related to the transaction.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.