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NCLE signs MoU to fully acquire Refan Company
On September 3, 2020, National Company for Learning & Education (NCLE) signed a non-binding memorandum of understanding (MoU) with the owners of Refan Company for Operation & Maintenance Limited (Refan Company) to fully acquire the latter.
Deal Value | Method of Finance | Type | Status |
0.25 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Internal Resources | Acquisition | Completed |
The Acquiring Party
National Company for Learning and Education - NCLE | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Schools & Colleges |
*Market Cap (Million SAR) | 6,338.20 |
*Price/Share (SAR) | 147.40 |
The Acquired Party
Refan Operation & Maintenance Company Ltd. - Refan Operation & Maintenance | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 03-09-2020 |
Expected date for Completion | 28-02-2021 |
Related Parties
Company | Role |
---|---|
Aaj Real Estate Investment Co. | Owner |
Yamami Holding Company | Owner |
Main Details
Refan Company was valuated using different methods such as the discounted cash flow (DCF), P/E and EBITDA multiples methods.
As per the audited financial statements, Refan Company recorded a revenue of SAR 1.6 million, SAR 4.4 million, and SAR 6.6 million in 2017, 2018 and 2019, respectively. The company also recorded a net profit (loss) of SAR 65,000, SAR -234,000 and SAR 228,000 in 2017, 2018 and 2019 respectively.
Note
* Khalid Mohammed Al-Khudair, chairman of NCLE, has an indirect interest as a shareholder in Aaj Real Estate Investments and Yamami Holdings Company.
* Mohammed Al-Khudair Real Estate Development Company is a major shareholder of NCLE and have an indirect interest as a major shareholder in Aaj Real Estate Investments Co., which owns Refan Company.
* Muhammed Ibrahim Al-Khudair Endowment is a major shareholder of NCLE and have an indirect interest as a major shareholder in Aaj Real Estate Investments Co., which owns Refan Company.
* Mohammed Khalid Al-Khudair, CEO of NCLE, has an indirect interest as a shareholder in Yamami Holdings Co., which owns Refan Company.
* The related parties collectively own 62.1% of the shares in NCLE and indirectly own 70.8% of the shares in Refan Company.
* The MoU is valid for three months.
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