Al-Khaleej Training and Education Company announces the latest developments regarding a (non-binding) memorandum of understanding signed with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC).
| Element List | Explanation |
|---|---|
| Introduction | Reference to the announcement of Al-Khaleej Training and Education Company published on the Tadawul website on 03/08/2022 AD regarding the signing of a (non-binding) memorandum of understanding with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC) to potentially acquire (70%) of the ownership shares of Al-Awael Private Schools Company in Riyadh, which is wholly owned by Awael Gulf Holding Company, upon reaching a final agreement between the parties.
The company would like to announce that it has been agreed with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC) to extend this memorandum with the same terms and conditions as above for another additional period of (120) days from 01-12-2022 AD in order to complete the work of due diligence |
| Previous Announcement | Al-Khaleej Training and Education Company announces the signing of a (non-binding) Memorandum of Understanding with Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC). |
| Date of Previous Announcement on Tadawul’s Website | 2022-08-03 Corresponding to 1444-01-05 |
| Percentage of fulfilled achievement | 60% |
| Event’s Expected Completion Date | 01/02/2023 |
| Reasons for Exceeding the Announced End Date | To permit the completion of due diligence and other preparatory work for the implementation of the deal agreements. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | No change |
| Additional Information | Any material developments regarding this agreement will be announced in due course. |
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