NCLE shareholders approve reallocating unused IPO proceeds for operational activities

National Company for Learning & Education’s (NCLE) shareholders approved the reallocation of the unutilized portion of the IPO proceeds to finance the company’s operational activities, during the ordinary general meeting held on Tuesday, Oct. 6.

The proceeds were designated for Tilal Aldoha educational campus (previously Altaraji) and Alqassim educational campus amounting to SAR 39.2 million and SAR 13.914 million, respectively.

Shareholders also approved the “competing business standards” in which the board verifies that a board member’s competition with the company’s business or one of its branch activities is as per the requirements of Paragraph (3) of Article (46) of the corporate governance regulations.

In addition, they gave nod to the business and contracts that will be signed between NCLE and Refan Company for Operation and Maintenance, in which board chairman Khaled bin Mohammad Al-Khudhair holds an indirect interest.

The contract is related to purchase all of the shares of Refan Company, a limited liability company, to be 100% owned by NCLE, with a total purchase price of SAR 946,000, and without preferential terms.