Ataa Educational subsidiary signs SAR 18.4 mln deal to fully acquire Al Yasmin International

Logo of Ataa Educational Co.

Ataa Educational Co.'s subsidiary, Arabian Education and Training Group Holding Co., signed an agreement to purchase 100% of Al Yasmin International Co.’s capital, at a total value of SAR 18.36 million, provided if negotiations with the company’s shareholders are concluded.

Arabian Education and Training Group owned 49% of Al Yasmin International before the acquisition, according to a statement to Tadawul today, March 26.

Al Yasmin International owns and operates Al Yasmin International School complex in Riyadh’s Al Malazz district, catering to all educational stages for boys and girls from kindergarten to high school.

This acquisition will be funded through bank financing. It falls in line with Ataa Educational’s expansion strategy in the educational sector, with the aim of maximizing the return on equity for the company's shareholders.

Ataa Educational expected the financial impact of the acquisition will reflect on its earnings starting from the first quarter after obtaining the regulatory approvals and completing the transaction.

The agreement is subject to the approvals of the General Authority for Competition (GAC) and other regulatory authorities with jurisdiction to complete it, said the company, adding that the relevant developments will be announced in a timely manner.

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