Riyadh – Mubasher: Ataa Educational Company has penned an appendix to its memorandum of understanding (MoU) with the Arabian Education and Training Group Holding Company that covers a potential acquisition of the latter.

The appendix aims to amend the financial structure of the MoU, bringing the cash amount to represent 60% of the transaction value, while the issued shares in Ataa Educational will account for 40% of the value, according to a bourse filing to Tadawul.

With a current fulfillment rate reaching 55%, the two parties agreed that the evaluation of the share price of Ataa Educational will be SAR 44.

The transaction is expected to be completed during the first quarter (Q1) of the current fiscal year (FY).

Last June, Ataa Educational extended its MoU with Arabian Education for an additional 90 working days.