RIYADH: Education business Academy of Learning Co.’s listing on the Saudi Exchange strengthens its position in larger markets and paves the way for expansion, chairman Khalid Al-Ammar told Argaam.
The company, which owns and operates educational centers, made a strong debut on the Kingdom’s parallel market Nomu, with its shares jumping 30 percent to lead the index’s gainers on Monday.
“The purpose of listing on Nomu is to enter larger markets, expand in the Kingdom’s major and semi-major cities, and develop a corporate governance system in line with our aspirations,” Al-Ammar said.
According to the executive, the Academy of Learning’s centers are currently concentrated in the eastern region and it’s working on adding new branches in Saudi cities, starting with Riyadh.
“The expansion plans are based on the company's strong liquidity rather than borrowing. The learning services provider does not have any debts currently,” he added.
