Al-Khaleej Training and Education Company announces that it has signed a sale and purchase agreement to acquire 60% of the ownership stakes of Al-Roqi National Schools Company
With reference to the announcement of Al Khaleej Training and Education Company on the Tadawul website on 23/03/2021 AD about the latest developments regarding the binding memorandum of understanding signed with Al-Roqi National Schools Company Ltd. on 24/11/2020 AD and announced on the same date, in order to acquire (60%) of the shares The ownership of Al-Roqy Private Schools Company is conditional on completing the legal due diligence work and signing the sale and purchase agreement.
Al Khaleej Training and Education Company announces the signing of a sale and purchase agreement regarding the acquisition of (60%) of the ownership shares of Al Roqi National Schools Company (the deal) On Sunday evening, August 29, 2021 AD.
The total value of this deal is an amount of (12,817,128) only twelve million eight hundred and seventeen thousand one hundred and twenty-eight Saudi riyals, which represents only (60%) of the total value of the deal. It was also agreed between the two parties to amend the payment of the first installment to become (9,234,217) Saudi riyals instead of (7,049,420) Saudi riyals.
It was also agreed between the two parties to expand the construction of the Girls and Boys complexes with an expected amount of (36, 500, 000,) SAR provided that the financing of the expansion project will be as follows: (60% for the buyer and 40% for the seller).
The agreement with Al-Roqy Private Schools Company 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 agreement also stipulates that the amount will be paid as follows:
– An amount of (9,234,217) SAR will 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.
It should be noted that there are no related parties in the agreement mentioned in the advertisement.
Al Khaleej Training and Education Company will announce any material developments related to the transaction.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
