SAIC buys 6 mln shares in Academy of Learning for SAR 47.3 mln

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) and its subsidiary United Permanent Growth Investment Co. announced completing a SAR 47.32 million deal to purchase 5.99 million shares in Academy of Learning Co. (AOL), from sellers Falwa Najd Real Estate Co. and Khaled Al-Dossary, according to a statement to Tadawul.

The move will be financed through SAIC’s internal resources. There are no related parties and preferential/special terms to the deal. The related financial impact would start to be reflected in Q3 2023, the company added.

This deal is part of SAIC's strategy to expand its investments and target the most vital and attractive investment sectors, in line with Vision 2030, said the company.

AOL debuted on Nomu-Parallel Market in July 2022. It operates in the Saudi education and training sector through 12 institutes across six centers in Dammam, Al-Khobar, Al-Ahsa, Jubail and Qatif, according to Argaam's data.