NCLE signs purchase deal of Al-Khwarizmi Co. for Education for SAR 30 mln

National Company for Learning & Education (NCLE) signed a purchase agreement to fully acquire Riyadh-based Al-Khwarizmi Co. for Education, a limited liability Co., for SAR 30 million, NCLE said in a bourse filing.

The company said the transaction will be paid in cash, using part of the initial public offering (IPO) proceedings, subject to regulatory approval, and the approval of general assembly.

Should the company fail to receive the aforementioned approvals, it will resort to its own resources and banks facilities.