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Ataa Educational Company announces the signing a binding memorandum of understanding (MoU) with the Arabian Education and Training Group Co. in relation to the potential acquisition of the full shareholders' shares of the company

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Element List Explanation
Introduction Ataa Educational Company announces the signing of a binding Memorandum of Understanding (MoU) with the Arabian Education and Training Group Co. to acquire a 100% of the company's shares (the "proposed deal") in exchange for cash payment and the issuance of shares in Ataa Educational Company
Date of signing the Memorandum of Understanding 2021-02-09 Corresponding to 1442-06-27
Memorandum Duration The MoU shall be effective for a period of 90 working-days after the signing date
Name of the Counterparty Arabian Education and Training Group Co.
Name of Financial Advisor of Each Party Ataa Educational Company has appointed Al-Jazira Capital as a financial advisor to manage the negotiation process and complete the acquisition procedures upon agreement with the shareholders of the Arabian Group and to carry out all procedures with the relevant authorities
Major Terms in the Memorandum The two parties to the Proposed Transaction have agreed that the consideration for the acquisition will be a cash amount of 75% of the Proposed Transaction value and an issuance of shares in Ataa Educational Company for the shareholders of the Arabian Group Co. at 25% of the value of the Proposed Transaction, once an agreement is reached.
Related Parties There are no related parties involved
Actions to be Taken by the Company during the Memorandum’s Duration Conducting due diligence checks on financial, legal, administrative and operational conditions of the Arabian Education and Training Group Co.
Approvals The procedures for the proposed acquisition are subject to the approval of the extraordinary general assembly of Ataa Educational Co. and the approval of the competent authorities.
Additional Information The Arabian Education and Training Group is a closed Saudi joint-stock company with a Paid-up capital of 200 million Saudi riyals, and its affiliated companies include Alfaisal International Academy, Naba Company, Creative Development Company, Academic Company for Educational Service, Al-Jawdah Private Schools, Almanahij Schools, Al-Yasmin International Schools, Al-Alson International Schools, Amjad Qurtoba Schools, Glory Generation International School.

This MoU aims to define the framework of initial mutual obligations and rights between the two parties regarding the acquisition process, so that the implementation will be in accordance with the proposals and understandings submitted and approved by the two parties

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