NCLE shareholders to vote on re-allocating unused IPO proceeds of 2 projects

National Company for Learning & Education’s (NCLE) shareholders will vote, during the general assembly meeting that will be held on Oct. 6, 2020, on reallocating the unused IPO proceeds to finance the company’s operational activities.

The proceeds were designated for the projects of Doha Hills Schools Complex amounting to SAR 39.20 million, and Al-Qassim educational campus amounting to SAR 13.91 million.

The company said in a bourse statement that shareholders will also vote on the ‘competing business standards’ in which the board verifies that a board member’s competition with the company’s business or one of its branch activities, is as per the requirements of Paragraph (3) of Article (46) of the corporate governance regulations.

In addition, they will vote on the business and contracts that will be signed between NCLE and Refan Company for Operation and Maintenance, in which the board chairman Khaled bin Mohammad Al-Khudhair has an indirect interest.

The contract is related to purchase all of the shares of Refan Company for Operation and Maintenance (a limited liability company) to be 100% owned by NCLE, with a total purchase price of SAR 946,000, and without preferential terms.