Al-Khaleej Training and Education Company announces the signing of a (non-binding) memorandum of understanding with Adhwa’a Al-Hidaya Private Schools Company for Boys and Girls (a Saudi closed joint stock company)
| Element List | Explanation |
|---|---|
| Introduction | Al-Khaleej Training and Education Company announces the signing of a (non-binding) memorandum of understanding with the Al-Awael Gulf Holding Company in Riyadh 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 two parties. |
| Memorandum Signing Date | 2023-09-07 Corresponding to 1445-02-22 |
| Counterparty | Adhwa’a Al-Hidaya Schools Company for Boys and Girls (a Saudi closed joint stock company) |
| Memorandum Subject | A non-binding memorandum of understanding aims to reach a final agreement for Al-Khaleej Training and Education Company to acquire 80% of the ownership of Adwaa Al-Hidaya School (private) and Regat Jarmer International Schools for Multinational Education (British Curriculum) in the city of Riyadh, which are owned by Adwaa Al-Hidaya Schools Company for Boys and Girls (private). Saudi closed joint stock company) |
| Memorandum Duration | This memorandum shall enter into force from the date of its signing and for a period of nine months from the date of its signing or until the completion of the signing of the final agreement – whichever comes first, provided that the period can be extended for other periods pursuant to a new written understanding between the two parties. |
| Related Parties | There are no related parties. |
| Financial Impact | There is no financial impact currently |
| Additional Information | The most important terms of the memorandum: The two parties agreed that in the event of final agreement between the two parties, Al-Khaleej Training and Education Company will pay the acquisition value by issuing compensation shares in favor of Adwaa Al-Hidayah Schools Company for Boys and Girls (a Saudi closed joint stock company).
Measures that the company will take during the term of the agreement: evaluation work, due diligence examination, and preliminary agreements between the two parties
Approvals: This deal is subject to the approvals of the relevant regulatory authorities
The capacity of the schools subject to the memorandum of understanding reaches approximately 4,000 male and female students.
Any material developments regarding the Memorandum of Understanding or proposed acquisition will be announced in due course.
Al Khaleej Training and Education Company appointed Adeem Financial Company as a financial advisor for this deal. |
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.