Riyadh – Mubasher: Alkhaleej Training and Education Company has signed an agreement to acquire 80% of  Adhwa’a Al Hidaya Private Schools Company for Boys and Girls for SAR 480 million.

Under the agreement, Alkhaleej Training will acquire 1.60 million shares in the company in exchange for the issuance of new shares in Alkhaleej to the selling shareholders, according to a bourse filing.

Alkhaleej’s capital is set to increase from SAR 650 million to SAR 878.57 million through the issuance of 22.85 million shares, representing an increase of about 26.02% of share capital before the issuance of the new shares.

Established in 2005, Adwaa Al Hidaya Schools Company holds two educational complexes; the first of which is Adwaa Al-Hidaya Schools in the Al-Taawun neighbourhood, with a capacity of 4,043 students; and the second is Regit Grammar School Riyadh in the Ghirnata neighbourhood, with a capacity of 1,200 student.

Alkhaleej Training’s net loss leapt to SAR 42.01 million in 2023, up 174.42% year-on-year (YoY) from SAR 15.31 million.