Al-Khaleej Training and Education Company signed an agreement to acquire 60% of the ownership stakes of Al-Ruqi Private Schools Company, on Sunday evening.
According to Arabia Net, the total value of this deal is 12.82 million riyals out of the total value of the deal, and it was also agreed between the two parties to amend the payment of the first payment to become 9.23 million riyals instead. About 7 million riyals, according to the company’s statement to the Saudi Tadawul.
It was agreed between the two parties to expand the construction of the Girls and Boys complexes with an expected amount of 36.5 million riyals, provided that the financing of the expansion project will be divided into 60% for the buyer and 40% for the seller.
The agreement with Al-Raqqi Private Schools Company is subject to a number of conditions, including, but not limited to, obtaining the approval of the competent government agencies, and the termination of some legal procedures.
The agreement stipulates that the remaining amount will be paid in installments linked to specific performance standards that must be achieved by the company.
