NCLE fulfils all purchase conditions to acquire Al-Ghad National Schools

National Company for Learning & Education (NCLE) fulfilled all conditions stated in the purchase agreement to acquire Riyadh-based Al-Ghad National Schools, the company said in a bourse statement.

In April, NCLE revealed that the acquisition process will be completed once the current precautionary measures taken by the Saudi government to combat the COVID-19 outbreak come to an end.

The conditions included obtaining the necessary regulatory approvals and providing the sellers with additional declaration and documents to the buyers.

The statement also added that the entire shares of Al-Ghad Schools were transferred to NCLE, with amendments to the initial contract for Al-Ghad Private Schools Co. Ltd.

Al-Ghad National Schools recorded net losses of SAR 4.3 million for the fiscal year 2019, and revenues worth SAR 23.5 million over the same period. Total accumulated losses reached SAR 5.5 million as of Aug. 31, 2019, exceeding the capital of SAR 1.2 million.

The company attributed the losses to allocation in entirety that are not recurrent, amounting to SAR 4.4 million.

According to data compiled by Argaam, NCLE signed, on Nov. 13, 2019, a purchase agreement to fully acquire Riyadh-based Al-Ghad National Schools, for a value of SAR 36.7 million.