Saudi's NCLE signs deal to acquire education firm for $8mln

Deal in line with NCLE's growth strategy through acquisitions

  
A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017. Image used for illustrative purpose.

A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Saudi-listed National Company for Learning and Education (NCLE) has signed a deal to fully acquire Riyadh-based Al-Khwarizmi Company for Education for 30 million Saudi riyals ($8 million).

NCLE said that the deal is in line with the company's strategy to expand through acquisitions and purchase of existing high-quality educational complexes in order to achieve its targeted growth and returns, according to a statement on Saudi bourse.

Al-Khwarizmi Company for Education is engaged in owning, managing and operating private, elementary, middle, secondary and kindergarten schools. These include foreign and international schools, special needs schools, educational and training institutes, as well as colleges and private universities.

(Writing by Nada Al Rifai nada.rifai@refinitiv.com ; Editing by Seban Scaria )

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2019

More From Equities