Ataa Educational Co. extended the memorandum of understanding (MoU) with Al-Falah Co. (LLC) related to the acquisition of Riyadh-based Al-Falah Schools for 30 days, starting from Feb. 1, the company said in a bourse statement.

 

The MoU could be renewed for 2 similar periods, Ataa noted, adding that any related developments will be announced in due course.

 

In November 2019, Ataa signed a non-binding MoU with Al-Falah to acquire Riyadh-based Al-Falah Schools, Argaam earlier reported.

 

Both parties also agreed on a preliminary valuation, while the final deal value will be determined in cash after completing due diligence procedures.

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