Saudi Advanced Industries Company and its subsidiary announce the completion of a deal to purchase shares in Academy of Learning Company, at a value of (47,321,000) Saudi riyals
- Date : 2023-08-02
| Element List | Explanation |
|---|---|
| Introduction | Saudi Advanced Industries Company and its subsidiary (United Permanent Growth Investment Company) announce the completion of a deal to purchase shares in Academy of Learning Company. |
| Transaction Details | Saudi Advanced Industries Company and its subsidiary (United Permanent Growth Investment Company) announce the completion of a deal to purchase shares in Academy of Learning Company, numbering (5,990,000) shares, at a value of (47,321,000) Saudi riyals. |
| Transaction Value | (47,321,000) Saudi riyals |
| Transaction Terms | There are no preferential or special conditions. |
| Parties of the Transaction | Saudi Advanced Industries Company and its subsidiary (United Permanent Growth Investment Company) (the buyers)
– Falwa Najd Real Estate Company, a one-person company (the seller) – Khaled Mohammed Farhan Al-Dossary (Seller) |
| Transaction Funding Method | Company’s own resources |
| Transaction Execution Date | 2023-08-02 Corresponding to 1445-01-15 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | It is worth noting that Academy of Learning Company is considered one of the leading companies in the education and training sector in the Kingdom. It owns several institutes in various regions of the Kingdom, through which it offers various educational programs that keep pace with the aspirations of the labor market and the vision of the Kingdom of Saudi Arabia 2030
.
The Academy of Learning Company was able to achieve a growth in net profits in the first half of this year by 74% over the same period, by opening its new branches and increasing the capacity of the number of students.
The Academy of Learning Company announced earlier that it had rented its new headquarters in Riyadh, which is the largest branch of a women’s academy in the Kingdom, with a total area of 9,638.95 square meters and a capacity of 3,600 students.
It should be noted that the Academy of Learning Company has obtained two ISO certificates in comprehensive quality and educational management and has won several government awards in Emiratization from the Ministry of Human Resources and the Ministry of Industry through the Local Content Authority. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | attached |
| Transaction reasons | This deal is part of the SAIC company’s strategy to expand its investments and target the most vital and attractive investment sectors, in line with the directions and vision of the Kingdom of Saudi Arabia 2030. |
| Expected Impact of the Transaction on the Company and Its Operations | Saudi Advanced Industries Company expects the financial impact of the deal to appear starting from the third quarter of this year. |
| Related Parties | There is no |
| Attached Documents |  |