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Ataa Educational Co. Announces that a subsidiary of it (The Arab Group for Education and Training Company) has signed an agreement to Purchase - all shares the value of 3,850,000 Saudi riyals
| Element List | Explanation |
|---|---|
| Introduction | Ataa Educational Company announces that subsidiary of it (The Arab Group for Education and Training Company) has signed an agreement to purchase all shares in Glory Generation International School Company |
| Transaction Details | Ataa Educational Company announces that a subsidiary of it (The Arab Group for Education and Training Company) has signed an agreement to purchase all the shares of Glory Generation International School Company by 100% of the company's capital for a total value of 3,850,000 Saudi Riyals), after completing the negotiations with the Company's shareholders. It is worthy of note that The Arab Group Company for Education and Training owns45% of the ownership of Glory Generation International School Company before acquiring all the shares of the company. provided that the ownership of the Arab Group Company is 100% in Glory Generation International School Company after the completion of the acquisition procedures. Glory Generation International School Company owns and operates Glory Generation International Schools Complex in Umm Al-Hamam district in Riyadh, and the complex includes all educational stages for boys and girls from kindergarten to secondary stage (KG-G12). This acquisition falls in line with Ataa expansion strategy in the educational sector with the aim of maximizing the return on equity for the company's shareholders. |
| Transaction Value | 3,850,000 Saudi riyals |
| Transaction Terms | There are no preferential or special conditions |
| Parties of the Transaction | - The Arab Group Company for Education and Training (the Buyer) - The Owners of Glory Generation International School Company (the Seller) |
| Transaction Funding Method | Bank financing |
| Transaction Execution Date | 2023-07-20 Corresponding to 1445-01-02 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Glory Generation International School Company owns and operates Glory Generation International Schools Complex in Umm Al-Hamam district in Riyadh, and the complex includes all educational stages for boys and girls from kindergarten to secondary stage (KG-G12) |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | attached |
| Transaction reasons | This acquisition falls in line with Ataa expansion strategy in the educational sector with the aim of maximizing the return on equity for the company's shareholders. |
| Expected Impact of the Transaction on the Company and Its Operations | Ataa Educational Company expects that the financial impact of the acquisition will appear starting from the first quarter after obtaining the regulatory approvals and completing the transaction. |
| Related Parties | N/A |
| Additional Information | The agreement is subject to the approvals of the General Authority for Competition and other regulatory authorities with jurisdiction to complete it. "Ataa Educational" will announce the latest essential developments to complete the transaction procedures in a timely manner. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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