National Company for Learning & Education (NCLE) will utilize the proceeds of the initial public offering (IPO) to expand the company's portfolio, vice chairman Khalid Al-Khudair told CNBC Arabia.
“Five ongoing projects are expected to be complete in Riyadh, Qassim and the Eastern Province by 2021,” he added.
The company is forecast to establish schools all over the Kingdom during the coming period, in line with the Saudi community’s tendency to enhance the education quality, Al-Khudair stated.
“The Saudi education industry needs several companies capable of operating several schools in public as well as private sectors,” he noted.
The stock started trading yesterday on the Saudi Stock Exchange (Tadawul) after offering 13 million shares in an IPO.
The Riyadh-based company builds and manages private schools and invests in the sports, entertainment and fitness centers sectors.
The firm currently has four operating educational complexes in Riyadh, in addition to a 29,000 square meter-educational complex under-construction in Al Qirawan.
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