Al-Khaleej Training and Education Company announces the signing of a (non-binding) Memorandum of Understanding with Al-Faisaliah National Schools Company Ltd
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Al-Khaleej Training and Education Company announces the signing of a (non-binding) memorandum of understanding with the owners of Al-Faisaliah Private Schools Company Ltd. to potentially acquire (60%) of the ownership shares of Al-Faisaliah Private Schools Company Ltd., upon reaching a final agreement between the two parties. |
| Memorandum Signing Date | 2021-10-20 Corresponding to 1443-03-14 |
| Counterparty | Al-Faisaliah National Schools Company Limited (a Saudi limited liability company) |
| Memorandum Subject | Understanding to reach a final agreement for the acquisition of the Al-Khaleej Training and Education Company (60%) of the ownership shares of the Al-Enjaz National Schools Company Ltd. in the Holy City of Jeddah. This memorandum aims to define the framework of understanding about the primary mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation will be in accordance with the proposals and understandings submitted and approved by the two parties, and the two parties also agreed to determine the final value of the deal after completing the due diligence work. |
| Memorandum Duration | This memorandum shall be effective from the date of its signature and for a period of (90) 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 as a financial advisor for this transaction. |
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.
