|13 October, 2019

Saudi NCLE signs MoU to fully acquire Al Khwarizmi Company

The financial value of the acquisition will be determined later

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh – Mubasher: National Company for Learning and Education (NCLE) has signed a non-binding memorandum of understanding (MoU) with Al Khwarizmi Company for Education to acquire 100% of its shares.

The deal is renewable and will be effective for 30 days as of the signing date, 10 October, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Under the deal, the financial value of the acquisition will be determined after completing the due diligence process.

Moreover, the relevant financial impact will be defined later.

Source: Mubasher

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