National Learning completes full acquisition of Refan

National Company for Learning and Education (NCLE) said in a bourse statement that the ownership of the entire share capital in Refan Company for Operation & Maintenance Limited was transferred to NCLE.

Refan’s memorandum of association was also amended accordingly, NCLE added.

This came as NCLE fulfilled all preconditions stated previously in the purchase agreement signed by both companies, which included obtaining the approval of relevant regulatory authorities, submission of additional representations and other documents by sellers to NCLE.

On Oct. 28, 2020, NCLE signed an agreement to buy 100% of Refan for a total cash value of SAR 946,000, Argaam reported.