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).
Element List | Explanation |
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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. |
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.