Al-Khaleej Training extends MoU by 180 days to acquire 60% of Al-Raqi Schools

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Al-Khaleej Training and Education Co. extended the memorandum of understanding (MoU) with the shareholders of Al-Raqi National Schools Co. by another 180 days starting today, March 23, 2021, according to a bourse statement.

This is the second time that the company extended the MoU, as the first extension was on Dec. 24, 2020, for 90 days, according to data compiled by Argaam.

The MoU will be extended with the same terms and provisions to complete due diligence and obtain required licenses for the new girls complex.

In November 2020, Al-Khaleej Training and Education signed a binding 30-day MoU with Al-Raqi National Schools shareholders’ to acquire 60% of the latter at SAR 12.82 million.