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Argaam Tools ×
NCLE acquires ALGhad Schools
On November 12, 2019, National Company for Learning & Education (NCLE) signed a purchase agreement to fully acquire ALGhad Schools Company Ltd.
Deal Value | Method of Finance | Type | Status |
10.70 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Internal Resources , Borrowing/Loans | Acquisition | Completed |
The Acquiring Party
National Company for Learning and Education - NCLE | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Schools & Colleges |
*Market Cap (Million SAR) | 6,690.80 |
*Price/Share (SAR) | 155.60 |
The Acquired Party
Al - Ghad National Schools Co. - Al - Ghad National Schools | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Schools & Colleges |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 13-10-2019 |
Expected date for Completion | - |
Main Details
Al-Ghad Schools was assessed using different valuation methods based on discounted cash flows, price to equity ratio, in addition to price to equity ratio before deducting financial charges, taxes, depreciation and amortization. The agreement encompasses a number of guarantees and undertakings provided by the sellers in respect of their business, including the accuracy and correctness of the information included in the accounts and financial statements of Al-Ghad Schools and the validity of the assets. The deal also includes other guarantees related to the schools of the company and their employees in addition to compensating NCLE
for any unrecognized obligations in the company's records and differences in Zakat obligations for the period prior to agreement date. The agreement stipulated also that the sellers shall keep running the business, and to keep good business relationships with its customers, suppliers and distributors in compliance with the applicable Saudi Arabia regulations.
Note
* Revenues of Al-Ghad National Schools Co. Ltd. for 2016, 2017 and 2018, according to the audited financial statements, amounted to SAR 28.135 million, SAR 28.168 million and SAR 26.085 million, respectively.
* The sellers are Saleh Abdul Rahman Saleh Al Khudair, Faisal Mohammed Al Sheikh, Ghassan Ibrahim Mohammed Al Awaji and Salman Mansour Bin Jumaa.
* Net profit for 2016, 2017 and 2018 as per the audited financial statements were SAR 3.940 million, SAR 3.836 million and SAR 0.193 million, respectively.
* The transaction involves related parties.
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