Riyadh-Mubasher: Al Khaleej Training and Education signed on Thursday an investment and leasing agreement with Mohammed Abdul-Aziz Al Rajhi & Sons Holding Co.
Under the deal, Al Rajhi Holding will buy Al Eshraq schools for girls in Dammam and rent it for 20 years for Al Khaleej, according to a bourse filing on Sunday.
Al Rajhi Holding paid SAR 27 million for the land and the buildings, while Al Khaleej spent SAR 5 million for the moved assets, licences and goodwill value.
The leasing company will get SAR 2.2 million as an annual lease value on a biannual instalments. The leasing rate will increase a fixed rate of 5% every five years.
The lease value will equal SAR 47.4 million in 20 years, starting from the signing date, the statement said.
