Al-Khaleej Training and Education Company announces the latest developments regarding the sale and purchase agreement that was signed with the owners of Al-Faisaliah National Schools Company in Jeddah to acquire 60% of the ownership shares of the schools.
| Element List | Explanation |
|---|---|
| Introduction | A reference to the company’s announcement on the Tadawul website on 05/07/2022 regarding the signing of a sale and purchase agreement to acquire 60% of the shares of Al-Faisaliah Private Schools Company in Jeddah
Al-Khaleej Training and Education Company announces the acquisition of an additional percentage of the ownership shares of Al-Faisaliah Private Schools Company in Jeddah estimated at 27%, bringing the total acquisition to 87% of the ownership shares of Al-Faisaliah Private Schools Company in Jeddah |
| Previous Announcement | Al-Khaleej Training and Education Company announces that it has signed a sale and purchase agreement to acquire 60% of the ownership shares of Al-Faisaliah National Schools Company. |
| Date of Previous Announcement on Tadawul’s Website | 2022-07-05 Corresponding to 1443-12-06 |
| Percentage of fulfilled achievement | NA |
| Event’s Expected Completion Date | NA |
| Reasons for Exceeding the Announced End Date | NA |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | It was agreed to pay an amount of 30,600,000 riyals, the value of the additional share from the ownership of Al-Faisaliah Private Schools Company in Jeddah |
| Impact of the Delay on the Company’s Financial Results | NA |
| Additional Information | The number of students in Al-Faisaliah schools in the academic year ending on 07/31/2023 reached 3300 students, and it is expected that the number will reach 4000 students in the next academic year, especially after the completion of the facilities for the girls’ complex. Regarding the financial impact on the company’s financial results, it is expected that there will be a positive impact on the profitability of the school sector. The approvals of all the competent regulatory authorities are being obtained, and all legal and regulatory procedures related to this matter are being completed |
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