Logo of Alkhaleej Training and Education Co.
Alkhaleej Training and Education Co. signed, on Aug. 29, a sale and purchase agreement (SPA) to acquire a 60% stake in Al-Raqi National Schools Co. for a total value of SAR 12.82 million, the company said in a bourse statement.
The two parties agreed to amend the payment of the first installment to become SAR 9.23 million instead of SAR 7.05 million, to be paid upon signing the agreement, approval of the competent authorities, and completion of legal procedures.
The remaining amount will be paid in installments linked to specific performance standards that the company must achieve.
Both parties also agreed to expand the construction of the girls and boys complexes with an expected amount of SAR 36.5 million, provided that the financing of the expansion project will be 60% from the buyer and 40% from the seller.
The agreement with Al-Raqi is subject to a number of conditions, including, without limitation, obtaining the approval of the competent government authorities and the termination of some legal procedures, the statement added.
The deal is not a related party transaction and any material developments will be announced in a timely manner.
In November 2020, Alkhaleej Training signed a binding 30-day memorandum of understanding (MoU) with the shareholders of Al-Raqi National Schools Co. to acquire 60% of the latter at SAR 12.82 million, according to data compiled by Argaam.
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