Alkhaleej Training signs non-binding MoU to buy 60% of Al-Faisaliah Schools

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. entered into a non-binding memorandum of understanding (MoU) today, Oct. 20, with the owners of Al-Faisaliah Private Schools Company Ltd. in Jeddah to acquire 60% of the latter.

The Saudi-listed firm said in a bourse filing that the MoU aims to define the framework of understanding about the primary mutual obligations and rights between the two parties regarding the potential acquisition.

The acquisition will be implemented according to the proposals and agreements approved by both parties.

The MoU came into effect today and will be valid for 90 days. It is renewable for another period, Alkhaleej Training added, noting that the financial impact will be determined after the completion of the final evaluation.

Moreover, the two parties agreed to set the final value of deal after finalizing the due diligence review.

Any material developments on the MoU or the proposed acquisition will be announced in due course, Alkhaleej Training said, adding there are no related parties.

Alkhaleej Training appointed Quality and Time Office as financial advisor for the deal, the statement concluded.

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