Riyadh – Mubasher: Ataa Educational Company has completed the purchase deal of Al Elm International Schools Company for SAR 40 million, according to a bourse filing on Sunday.

This acquisition came in line with Ataa Educational’s expansion plan to provide better educational services to the citizens and residents of Saudi Arabia while maximising the return on equity for the company's shareholders.

The financial impact of the deal will reflect on the income statements of the fourth quarter (Q4) of the fiscal year ending on 31 July 2021.

The listed firm had signed the acquisition agreement on 21 December 2020. Al Elm is a limited liability company that owns and operates Al Elm Schools complex in Riyadh.

Last week, the Saudi General Authority for Competition (GAC) approved for Ataa Educational to acquire Arabian Education and Training Group Co. and own a 52% stake of Al Wasat National Schools for Training and Education Company.