Alkhaleej Training gets GAC nod to buy 60% of Al-Raqi Schools

12/12/2021 Argaam

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. announced receiving today, Dec. 12, the no-objection certificate of the General Authority for Competition (GAC) to complete the process of economic concentration regarding the acquisition of 60% of Al-Raqi National Schools Co.

 

The application was submitted to the authority on Oct. 4, , the company said in a bourse statement.

 

The agreement with Al-Raqi is subject to a number of conditions, including obtaining the approval of the competent government authorities and the conclusion of some legal procedures.

 

Any material developments in relation to the above agreement will be announced in due course.

 

In August, the company signed a sale and purchase agreement (SPA) to acquire a 60% stake in Al-Raqi National Schools Co. for SAR 12.82 million.

 

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