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Kingdom subsidiary signs MoU with Ataa Educational

Kingdom subsidiary signs MoU with Ataa Educational
Kingdom Schools
ATAA
4292
0.37% 40.95 0.15
KINGDOM
4280
-0.58% 8.60 -0.05

Riyadh – Mubasher: Kingdom Holding announced that its subsidiary, Kingdom Investment and Development Company, has signed a non-binding memorandum of understanding (MoU) with Ataa Educational Company.

The deal will involve exchanging 92.1% of Kingdom Schools Company’s shares for shares and a cash payment, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Prior to the due diligence taking place, the two companies will negotiate an initial agreement regarding the transaction’s value.

If the deal were to go through, it would still be subject to the approval of market authorities and the completion of internal procedures.

The MoU, signed on 28 November, has a renewable 120-day validity.