Saudi Advanced Industries Company (SAIC) announces the signing of a (non-binding) Memorandum of Understanding with the Educational Guide Company for Training and Education
- Date : 2021-12-22
| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | Saudi Advanced Industries Company announces the signing of a (non-binding) memorandum of understanding with the Educational Guide for Training and Education Company for the possible acquisition of no less than (30%) of the Educational Guide for Training and Education Company.
The Educational Guide Company for Training and Education works in the field of establishing and operating international and private schools, training and other educational activities.
The acquisition is in line with the strategy and future plans of Saudi Advanced Industries Company as one of the targeted sectors approved by the Board of Directors. This potential acquisition is expected to add value to the company and its shareholders, and to benefit from the opportunities offered by the Kingdom’s Vision 2030 programs, especially in the education and training sector. |
| Memorandum Signing Date | 2021-12-22 Corresponding to 1443-05-18 |
| Counterparty | Educational Guide Company for Training and Education (a closed Saudi joint stock company). |
| Memorandum Subject | Reaching a final agreement for Saudi Advanced Industries Company to acquire no less than (30%) of the Educational Guide for Training and Education Company. For the final evaluation, however, the determination of the transaction value and the target share is linked to the final agreement between the two parties. |
| Memorandum Duration | The Memorandum of Understanding is effective from 1/1/2022 AD and for a period of six months, subject to renewal with the consent of both parties. An exclusive period has been agreed between the two parties during which a financial and legal due diligence examination and financial evaluation of the value of the proposed transaction will be conducted, and any party may terminate the Memorandum of Understanding by notification linear. |
| Related Parties | There are no related parties. |
| Financial Impact | The financial impact of this memorandum cannot be determined at this stage. |
| Additional Information | Saudi Advanced Industries Company has appointed Adeem Capital as the financial advisor for this transaction.
Any material developments regarding the Memorandum of Understanding or the proposed acquisition will be announced at a later time. |