Al Khaleej Training and Education Company signed the Memorandum of Understanding to acquire 51% stake in Al-Riyadah Model Education Company from owner of Al-Riyadah Model Education.

Al Khaleej Training and Education Company (SASE:4290) signed the Memorandum of Understanding to acquire 51% stake in Al-Riyadah Model Education Company from owner of Al-Riyadah Model Education on April 12, 2023. Al Khaleej Training and Education Company signed sale and purchase agreement to acquire 51% stake in Al-Riyadah Model Education Company from owner of Al-Riyadah Model Education on April 12, 2023. This memo shall be effective from the date of its signature for period of (120) days, renewable with the consent of both parties.

This agreement is subject to a number of essential conditions agreed upon that must be met in advance, obtaining the approval of the competent government agencies, including the General Authority for Competition and the sellers’ termination of some legal procedures and requirements that were agreed upon in the contract.