NCLE discloses use of IPO proceeds

National Company for Learning & Education (NCLE) announced the use of its initial public offering (IPO) proceeds as of Aug. 31, 2020, which included the decisions of the company's general assembly dated Oct. 6, 2020, according to a bourse filing on Sunday.

The gross proceeds of the IPO recorded SAR 247 million, while net proceeds stood at SAR 230.99 million after deducting IPO related expenses and fees of around SAR 16.01 million.

The IPO proceeds are allocated as follows:

1- An amount of SAR 59.69 million was allocated to finance and build an educational complex in Buraidah, Qassim.

2- A total of SAR 12.90 million was directed to establish Doha Hills Schools Complex in Dhahran, Eastern Province.

3- A total of SAR 66.7 million was allocated for the purchase of the full stakes of owners in Al-Ghad Schools Co. Ltd and Al-Khwarizmi Co. for Education.

4- A total of SAR 42.7 million was allocated for completing the financing of the project of establishing, equipping and furnishing Al-Qirawan Educational Complex in Riyadh.

5- A total of SAR 53.11 million was directed to fund the company's operating activities.