Ataa Educational shareholders to discuss capital increase on June 29

Ataa Educational Co.’s shareholders will vote on increasing capital from SAR 400 million to SAR 420.87 million, during the extraordinary general meeting (EGM) slated for June 29, according to a bourse statement.

The capital top-up will be implemented through issuing 2.087 million new shares at a nominal value of SAR 20.87 million in favor of the selling shareholders of Naba’a Educational Co. in return for transferring all the latter’s shares to Arabian Education and Training Group Holding, a wholly-owned subsidiary of Ataa. This will be as per the sale and purchase agreement signed between the selling shareholders of Naba’a, Ataa and Arabian Education on Jan. 12, 2021.

Shareholders will also vote on authorizing Ataa’s board or any person authorized by the board to issue any decision or take any action that may be necessary to implement any of the aforementioned decisions related to the acquisition of Naba’a.