Ataa Educational acquires 52% of Al-Wasat Schools

Ataa Educational Company has signed an agreement to acquire 52% of the Al Wasat National Schools Company for Training and Education.

According to Arabiya Net, the company said in a statement that this acquisition will be in exchange for an in-kind share presented by the Ataa Company, represented in the transfer of land ownership in favor of the company (the subject of the acquisition). .

and the company stated that it carried out the procedures for the study of ignorance through an independent consulting office. Ataa Educational expects that the financial impact of the acquisition will appear, starting from the fourth quarter of the current fiscal year and ending at the end of next July.

The agreement is subject to the approvals of the General Authority for Competition and other regulatory bodies with jurisdiction to complete it.

The company had announced a decrease in its net profits by 69.7% in the first quarter ending on October 31, 2020, to reach 4.92 million riyals, compared to 16.25 million riyals net profit In the corresponding quarter of the previous fiscal year.

The net profit of the company decreased by 83.6% in the first quarter of the company's financial year, compared to a net profit of 29.9 million riyals in the fourth quarter of the previous fiscal year.

and the company's fiscal year begins in early August of each year, until the end of July of the following year.