Logo of Ataa Educational Co.
Ataa Educational Co. received clearance from the General Authority for Competition to purchase Al-Elm International Schools LLC for SAR 40 million, the company said in a bourse filing today, April 26, 2021.
The company expects to close the deal in Q4 2021, as 75% of the purchase procedures have been completed, the statement noted.
In December 2020, Ataa signed an agreement to fully acquire Al-Elm International Schools for SAR 40 million.
Al-Elm International Schools LLC owns and operates Al-Elm International Schools in Riyadh. It operates and develops pre-primary, primary, preparatory and secondary curricula for boys and girls.
The target schools reported revenues of SAR 22.5 million in 2019, compared to SAR 16.6 million a year earlier.
In 2018, Al-Elm International Schools LLC net profit stood at SAR 3.7 million in 2019, compared to SAR 1.3 million a year earlier. In 2017, Education Schools’ revenues hit SAR 24 million, despite net losses of SAR 1.9 million.
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