Alkhaleej Training ends Adhwaa Al-Hedaya acquisition deal without agreement

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. said the extension period for its potential stake acquisition in Adhwaa Al-Hedaya Private Schools expired today, June 30.

Accordingly, the agreement has lapsed without Capital Market Authority (CMA) approval, the company stated in a Tadawul filing.

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The board has decided not to extend the agreement further, effectively terminating the potential acquisition without reaching completion.

On March 28, 2024, Alkhaleej Training signed an agreement with shareholders of Adhwaa Al-Hedaya for the possible purchase of 1.6 million shares (80% of capital) in the latter, in exchange for issuing new shares in Alkhaleej Training.

In September 2024, the company submitted a capital hike request to the CMA by issuing new shares to Adhwaa Al-Hedaya’s shareholders, following approval of the transaction by the General Authority for Competition (GAC).