Saudi Ataa Educational Company has acquired Naba’a Educational Company through its fully-owned subsidiary Arabian Education and Training Group Holding Company.
The acquisition involved increasing Ataa’s share capital from about SAR 420 million ($111 million) through the issuance of 2.08 million new ordinary shares in Ataa to the selling partners of Naba’a.
This increases the number of shares in the company from 40 million to 42.08 million shares, Ataa said in a bourse filing on Friday.
The financial impact will be visible on the financial results for the year ending on July 31, 2022.
In January 2021, Ataa inked a partnership agreement to acquire 52 percent of Riyadh-based Al Wasat National Schools for Training and Education Company, a limited liability company.
The transaction was concluded in exchange for a land provided by Ataa and represented in the transfer of land ownership in favour of Al Wasat National Schools, according to a bourse filing.
Ataa expects the acquisition’s material impact to reflect starting as of the fourth quarter (Q4) of the fiscal year (FY) ending on 31 July 2021.