National Learning signs MoU to acquire entire stakes of Al Salam Education Co.

National Company for Learning & Education's building

National Company for Learning & Education (NCLE) signed a non-binding memorandum of understanding (MoU) with Al Salam Education and Training Co., a limited liability firm, to purchase the entire stake of Al Salam’s owners in return for cash.

According to a bourse statement, Al Salam Education is the owner of Alsalam National Schools – Khobar.

The MoU was signed today, April 14, with the owners: Qitaf Holding Company, and Abdulrahman Saleh Al Rajhi & Partners Co Ltd.

The MoU aims to define the framework of understanding of the primary mutual obligations and rights between the two parties, regarding the acquisition transaction.

The two parties agreed to determine the final deal’s value after completing the due diligence review.

The MoU is valid for 90 days from the signing date, and is subject to extension.

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