Al-Khaleej Training and Education Company announces the signing of a sale and purchase agreement with the owners of Al-Riyadah Model Education Company
| Element List | Explanation |
|---|---|
| Introduction | Al-Khaleej Training and Education Company announces the signing of a sale and purchase agreement with the owners of Al-Riyadah Model Education Company to acquire 51% of the total shares of ownership of Al-Riyadah Model Education Company |
| Date of signing the Memorandum of Understanding | 2023-04-12 Corresponding to 1444-09-21 |
| Memorandum Duration | This memo shall be effective from the date of its signature for period of (120) days, renewable with the consent of both parties. |
| Name of the Counterparty | The owners of Al-Reyada Model Company for Education (one person company) |
| Name of Financial Advisor of Each Party | NA |
| Major Terms in the Memorandum | This agreement is subject to a number of essential conditions agreed upon that must be met in advance, including but not limited to obtaining the approval of the relevant government agencies, including the General Authority for Competition, and the sellers’ termination of some legal procedures and requirements that were agreed upon in the contract. |
| Related Parties | There is no related parties |
| Actions to be Taken by the Company during the Memorandum’s Duration | Obtaining the approval of the competent government agencies, including the General Authority for Competition, and the vendors completing some of the procedures and legal requirements that were agreed upon in the contract. |
| Approvals | This acquisition is subject to the approvals of the General Authority for Competition and the competent regulatory authorities. |
| Additional Information | Any material developments regarding the agreement or acquisition will be announced in due course. |
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