| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Al-Khaleej Training and Education Company announces the signing of a (non-binding) memorandum of understanding with the owner of the Al-Enjaz National Schools Company Ltd. to potentially acquire (85%) of the ownership stakes of the Al-Enjaz National Schools Company Limited, upon reaching a final agreement between the two parties. |
| Date of signing the Memorandum of Understanding | 2021-06-29 Corresponding to 1442-11-19 |
| Memorandum Duration | This memo shall be effective from the date of its signature for period of (90) days, renewable with the consent of both parties. |
| Name of the Counterparty | Al-Enjaz National Schools Company Limited (a Saudi limited liability company owned by one person) |
| Name of Financial Advisor of Each Party | Adeem Capital |
| Major Terms in the Memorandum | Understanding to reach a final agreement for the acquisition of the Al-Khaleej Training and Education Company (85%) of the ownership shares of the Al-Enjaz National Schools Company Ltd. in the Holy City of Makkah. 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. |
| Related Parties | There is no related parties |
| Actions to be Taken by the Company during the Memorandum’s Duration | 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. |
| Approvals | The proposed acquisition is subject to the approvals of the competent regulatory authorities. |
| Additional Information | Any material developments in relation to the memorandum of understanding or the proposed acquisition 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.