Alkhaleej Training signs non-binding MoU to acquire 70% of Al Awael Private Schools

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. signed today, Aug. 3, a non-binding memorandum of understanding (MoU) with Riyadh-based Al Awael Gulf Holding Co. Ltd for the probable acquisition of a 70% stake in the latter’s fully-owned subsidiary, Al Awael Private Schools Co. Ltd, upon reaching a final agreement.

The MoU is effective from the signing date and for a period of 120 days or until signing a final agreement, whichever is earlier, the company said in a bourse statement. It noted that the MoU could be extended for other terms under a new written agreement between the two parties.

There are no related parties in this deal and no financial impact is realized currently, the statement added.

Any material developments related to the agreement or the proposed acquisition will be announced in due course, Alkhaleej Training also said. 

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