Dubai's GEMS among bidders for Riyadh-based school firm

MANY LOCAL INVESTORS HAVE ALSO MADE NON-BINDING OFFERS FOR AJIALUNA

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GEMS Education, the Dubai school operator backed by Brookfield Asset Management, is among parties that have submitted initial bids for Saudi Arabia's Ajialuna Educational Co., according to people familiar with the matter.

Several local investors have also made nonbinding offers for the Riyadh-based school company, the people said. Sulaiman Alrajhi Holding, which has majority ownership of Ajialuna, is seeking to sell its entire stake, the people said. Details on the other bidders and the potential deal value weren't immediately available.

Deal talks still fluid

Deliberations are ongoing and bidders may choose to withdraw, while the owners could decide to hold on to the business longer, the people said, asking not to be identified as the matter is private.