Riyadh – Mubasher: Al Khaleej Training and Education Company has penned a sale and purchase agreement worth SAR 60 million with Al Faisaliah National Schools Company to acquire a 60% stake in the latter.

The listed firm will pay SAR 30 million of the total value to Al Faisaliah upon signing the owners’ decision to add a new partner, according to a bourse disclosure on Tuesday.

Meanwhile, the remaining cash amount will be handed over once receiving the official commercial registration of Al Khaleej Training.

Last April, the two parties renewed a non-binding memorandum of understanding (MoU) for the takeover process.

During the first quarter (Q1) of 2022, Al Khaleej Training incurred net losses after Zakat and tax of SAR 5.09 million, lower by 33.01% than SAR 7.60 million in the year-ago period.