Kingdom Holding says MoU with Ataa Educational expires without agreement

22/09/2020 Argaam

Kingdom Holding Co. (KHC) announced that the memorandum of understanding (MoU) signed between its subsidiary, Kingdom Investment and Development Co. and Ataa Educational Co. expired without reaching an agreement.

 

Both companies are not entitled to any relevant obligations, the company said in a bourse statement.

 

In Dec. 2019, Kingdom Investment and Development Co. signed a non-binding MoU with Ataa Educational for the latter to acquire Kingdom Investment's 92.1% stake in Kingdom Schools, the owner of Kingdom Educational Schools in Riyadh.

 

The transaction was to be concluded through a stock swap in Ataa Educational along with cash.

 

In July, KHC’s subsidiary extended the MoU signed with Ataa Educational without amending terms and conditions, Argaam reported.

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