Riyadh – Mubasher: National Company for Learning and Education (NCLE) signed a purchase deal to fully acquire Al Khwarizmi Company for Education in a consideration of SAR 30 million.
The transaction will be paid in cash, using part of the initial public offering (IPO) proceedings, according to a bourse statement on Sunday.
The deal is subject to regulatory approval, and the approval of the general assembly.
The company noted that the agreement is expected to have a positive impact on its financials for the fiscal year ending 30 August 2020.
NCLE added that in case of failure to receive the aforementioned approvals, it will resort to its own resources and banks facilities.
