Ataa Educational gets CMA’s nod on capital increase to acquire Naba'a

Logo of Ataa Educational Co. 

Ataa Educational Co. obtained the approval of the Capital Market Authority (CMA) to increase its capital from SAR 400 million to SAR 420.87 million through issuing 2.09 million ordinary shares to acquire Naba'a Educational Co., through its wholly-owned subsidiary, Arabian Educational and Training Group.

In a bourse statement, the company said shareholder circular related to capital increase will be published within sufficient time before the extraordinary general meeting.

The circular should include all relevant information that shareholders need to know before making an informed decision when voting on the capital increase for the purpose described, including the increase in capital and risk factors.

In December 2021, the company signed a sale and purchase agreement (SPA) to acquire Naba'a through its subsidiary, Arabian Education, according to data available with Argaam.

Naba’a is valued at SAR 92.01 million, and the capital will be increased by 4.96%.