Riyadh – Mubasher: Ataa Educational Company has inked a partnership agreement to acquire 52% of Riyadh-based Al Wasat National Schools for Training and Education Company, a limited liability company.

The transaction was concluded in exchange for a land provided by Ataa and represented in the transfer of land ownership in favour of Al Wasat National Schools, according to a bourse filing on Tuesday.

Ataa expects the acquisition’s material impact to reflect starting as of the fourth quarter (Q4) of the fiscal year (FY) ending on 31 July 2021.  

Moreover, the agreement is subject to the approvals of the General Authority for Competition (GAC) and other regulatory bodies.