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).
|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||2022-08-03 Corresponding to 1444-01-05|
|Counterparty||Al-Awael Gulf Holding Company (a Saudi LLC) and Al-Awael Private Schools Company (a Saudi LLC))|
|Memorandum Subject||Understanding to reach a final agreement for the acquisition of Al-Khaleej Training and Education Company (70%) of the ownership shares of Al-Awael Gulf Holding Company in Al-Awael Private Schools Company.|
|Memorandum Duration||This memorandum shall be effective from the date of its signature and for a period of (120) days from the date of signing it or until the completion of the signing of the final agreement – whichever is earlier, and the period can be extended for other periods under a new written agreement between the two parties|
|Related Parties||There are no related parties.|
|Financial Impact||There is no financial impact currently|
|Additional Information||Any material developments in relation to the memorandum of understanding or the proposed acquisition will be announced in due course. Al Khaleej Training and Education Company appointed Al Wasatah Al Maliah company (Wasatah Capital) as a financial advisor for this transaction.|
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