Ataa’s financial leverage ‘solid’; to operate 21 educational entities post-AETG acquisition: CEO

Ibrahim Abdulkarim Al-Turki, CEO, Ataa Educational Co

Ataa Educational Co. currently operates 15 educational entities, and the number will increase to 21, after completing the acquisition of Arabian Education and Training Group Holding Co. (AETG), Chief Executive Officer (CEO), Ibrahim Abdulkarim Al-Turki, told Argaam in an exclusive.

The company also operates two recruitment and training firms, he added.

“The financial impact of the latest acquisition deals concluded this year, including AETG, Al-Elm International Schools and Al Wasat National Schools, will be positive,” the CEO indicated.

On Aug. 2, Ataa signed an appendix to the memorandum of understanding (MoU) with the AETG, where the two parties agreed that 60% of the deal value will be paid in cash, while the remaining 40% will be in the form of issued shares in Ataa. The two parties agreed that Ataa share price will be evaluated at SAR 44 for the deal.

“Ataa has solid financial leverage to manage and finance AETG planned acquisition,” Al-Turki confirmed, adding that the company’s financial statements reflect a strong financial position.

“We are bracing for the new year and return of students to schools, in line with the government guidelines in this regard,” he noted.