NCLE shareholders to vote on lease contract for educational complex in Riyadh on Aug. 25

Logo of National Company for Learning & Education

National Company for Learning & Education (NCLE) shareholders are set to vote on the business contract concluded with Yamami Co., during the ordinary general meeting (OGM) scheduled on Aug. 25.

NCLE Chairman Khaled bin Mohammad Al-Khudhair has an indirect interest in the contract, the company said in a bourse filing today, Aug. 3.

The deal relates to a 10-year lease for an educational complex building in Riyadh, which is binding on both parties, starting Sept. 1.

The contract value is SAR 7.95 million per year, with an increase of SAR 1 million on the annual rent every five years.

The contract includes a clause that the lease contract can be renewed for another 10 years, under the same terms of lease amount as mentioned above.

However, the option to not extend the contract rests only with NCLE, the statement noted.

Last week, NCLE inked an agreement with Yamami Co. to lease an educational complex building in Riyadh