Alkhaleej Training and Education Co. announces signing a Memorandum of Understanding with Al-Raqi National Schools Company Limited (Limited Liability Company)
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Alkhaleej Training and Education Company announces the signing of a Memorandum of Understanding (non-binding) with the owners of Al-Raqi Private Schools Company Limited for a possible acquisition of (60%) of the ownership shares of Al-Raqi Private Schools Company, upon reaching a final agreement between the two parties. |
| Memorandum Signing Date | 2020-07-05 Corresponding to 1441-11-14 |
| Counterparty | Al-Raqi National Schools Company Limited (Limited Liability Company) |
| Memorandum Subject | Understanding to reach a final agreement for the Alkhaleej Training and Education Company to acquire (60%) of Malika shares of Al-Raqi Private Schools Company, in the city of Riyadh. This memorandum aims to define the framework of understanding on the primary mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation is in accordance with the proposals and understandings submitted and approved by the two parties, and the two parties also agreed to determine the value of thefinal deal after the completion of the due diligence exercise. |
| 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. |
| Related Parties | There is no |
| Financial Impact | The financial impact will be determined after the completion of the final evaluation. |
| Additional Information | The Memorandum of Understanding (non-binding) is considered to be for Alkhaleej Training and Education Company and any material developments regarding the Memorandum of Understanding or proposed acquisition will be announced in due course.AlKhaleej Training and Education Company has appointed Al-Wasata Capital to be its Financial (Al-Wasata Capital) advisor for this deal. |
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.
