Academy of Learning signs MoU to buy educational complex in Al Khobar

Logo of Academy of Learning Co. 

Academy of Learning Co. signed a memorandum of understanding (MoU) with Abdulrahman Al-Mantakh to purchase his educational complex located in Azizia district, Al Khobar.

In a statement to Tadawul, the company said this aligns with its future vision to invest in national and international schools in Saudi Arabia.

The MoU aims to lay the groundwork for preparing the sale agreement between both parties, establishing the initial mutual commitments and rights concerning the sale process. The execution will be in accordance with the proposals and understandings presented and approved by both parties.

The statement highlighted that the MoU duration is 90 days from the date of signing, extendable with mutual consent. No financial advisor was appointed at this stage, and a specialized advisor will be appointed to complete the financial and legal due diligence process.

The completion of the sale is subject to completing due diligence examination to verify the legal and financial status of the second party with satisfactory results for the first party. It is also contingent upon obtaining the necessary approvals from the relevant government authorities to complete the sale and related matters, as well as meeting the internal requirements of the first party.

The framework for mutual initial commitments and rights regarding the sale process will be determined according to the proposals and understandings presented and approved by both parties, regarding the mechanism and value of the sale, after the completion of the due diligence process, the statement added.

The company also noted that the proposed sale is subject to the approvals of the relevant regulatory authorities, adding that there are no related parties to the deal.