Al-Khaleej Training and Education Company announces the signing of a non-binding Memorandum of Understanding with the owners of Al-Menhaj National Schools Company.
|Introduction||Al-Khaleej Training and Education Company announces the signing of a (non-binding) memorandum of understanding with the owners of Al-Minhaj Private Schools Company in Riyadh to potentially acquire (51%) of the ownership shares of Al-Minhaj Private Schools Company, upon reaching a final agreement between the two parties.|
|Memorandum Signing Date||2022-07-03 Corresponding to 1443-12-04|
|Counterparty||Al- Menhaj National Schools Company Limited (a Saudi limited liability company)|
|Memorandum Subject||Understanding to reach a final agreement for the acquisition of the Gulf Training and Education Company (51%) of the ownership shares of the Al- Menhaj National Schools Company in Riyadh.|
|Memorandum Duration||This memorandum shall be effective from the date of its signature and for a period of (120) days, subject to automatic renewal for another period|
|Related Parties||There are no related parties.|
|Financial Impact||The financial impact will be determined after the completion of the final evaluation.|
|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 Quality and Time Office Business Services as a financial advisor for this transaction.|
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