Ataa Educational concludes acquisition of Naba'a Educational

Logo of Ataa Educational Co.

Ataa Educational Co. announced today, July 21, closing the full acquisition of Naba’a Educational Co. through its wholly-owned subsidiary, Arabian Education and Training Group Holding Co., Ataa said in a statement to Tadawul.

Ataa completed the procedures required for acquiring 50,000 shares, or 100% of Naba’a. New shares were issued in the company to the selling shareholders of Naba’a, as Ataa increased its capital from SAR 400 million to SAR 420.87 million through issuing 2.09 million new ordinary shares.

The ownership transfer and documents were completed today, Ataa added, expecting the deal’s financial impact to show in the fiscal year ending July 31, 2022.

Moreover, Ataa explained that there are related parties to the deal, including Bader Nasser Mohammad Al-Olaiwi, one of the selling shareholders of Naba’a, who serves as CEO of Academic Company for Educational Services. The latter is a closed joint-stock company, which is 52.22% owned by Arabian Education. Al-Olaiwi is also a director in six companies.

He serves as a board member on Al Yasmin International Co., a limited liability company which is 49% owned by Arabian Education; Glory Generation International National School Co., a limited liability company which is 45% owned by Arabian Education; Al-Alson International School Co., a limited liability company, which is 62.8% owned by Arabian Education; and Creative Development Co., a single-shareholder limited liability company, which is 100% owned by Arabian Education.

He is also a board member on Al-Faisal International Academy Institutes Training Co., a single-shareholder limited liability company, which is 100% owned by Arabian Education; and Amjad Qurtoba Educational Services Company, a single shareholder limited liability company, which is 100% owned by Arabian Education.

Al-Olaiwi owned 2,394 shares in the company before the deal’s completion as of April 16, 2022.

On the other hand, Ahmed Abdullah Al-Taweel, a selling shareholder of Naba’a, is a board member on Academic Company for Educational Services.

The Securities Depository Center Co. (Edaa) increased today the number of shares of Ataa in the accounts of eligible shareholders, Argaam reported.

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