Alkhaleej with Al-Roqi National Schools Company
Alkhaleej Training and Education Co. Announces the signing of a binding memorandum of understanding with Al-Roqi National Schools Company Limited (Limited Liability Company)
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | With reference to the announcement by Al khaleej Training and Education Company published on the Tadawul website on 05/07/2020 AD regarding the signing of a non-binding memorandum of understanding (“MoU”) with Al-Roqi National Schools Company Limited (Limited Liability Company) in connection with a possible acquisition of (60%) of the ownership shares of Al-Roqi Private Schools Company, and to Al khaleej Training and Education Company Addendum announcement published on the Tadawul website on 01/10/2020 AD regarding the extension of the non-binding Memorandum of Understanding with the Al-Roqi National Schools Company Ltd. (a limited liability company). Al-Khaleej Training and Education Company announces that it has signed a binding memorandum of understanding with the owners of Al with Al-Roqi National Schools Company Limited (Limited Liability Company) on 24 / 11 /2020 AD for the acquisition of (60%) of the ownership shares of Al-Roqi National Schools Company conditional on completing the legal due diligence work and the signing of the sale and purchase agreement. |
| Memorandum Signing Date | 2020-11-24 Corresponding to 1442-04-09 |
| Counterparty | Al-Roqi National Schools Company Limited (Limited Liability Company) |
| Memorandum Subject | Al-Khaleej Training and Education Company acquiring (60%) of the ownership shares of Al-Roqi National Schools Company at a value of (12,817,128) conditional on completing the legal due diligence work and the signing of the sale and purchase agreement, provided that the agreed purchase price is paid in cash in two instalments, the first upon signing the purchase agreement at a value of (7,049,420) Saudi riyals, and the rest will be paid within two years based on certain milestones. |
| Memorandum Duration | 30 Days from singing date |
| Related Parties | This transaction does not involve any related parties. |
| Financial Impact | The financial impact will be determined later after the completion of the legal examination. |
| Additional Information | It was also agreed between the two parties on expanding in building the girls and boys complexes, with the expected amount (36,500,000) Saudi riyals provided that the financing for the expansion project is as follows: (60% for the buyer and 40% for the seller). It is worth noting that Alkhaleej Training and Education Company previously appointed Al Wasatah Al Maliah Company (Wasatah Capital) as the financial advisor for this deal, and any material development will be announced in due course |
The Capital Market Authority and the Saudi Stock 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.
