Curro Holdings, the largest for-profit independent school group in South Africa, will list its tertiary education business on the JSE in early October, it said on Friday.
It said it would unbundle shares in its tertiary education subsidiary, Stadio, to its own shareholders at a ratio of one-to-one. Stadio plans to raise R840 million through the rights offer.
Stadio will list on the JSE on Tuesday, 3 October 2017, under the “Specialised Consumer Services” sector of the main board.
Curro provides education services to approximately 47,000 learners in 127 schools across South Africa and Namibia. It opened its doors as a provider of pre-school and school-based education in 1998 and was listed on the JSE in 2011.
“In light of the opportunities presented in the post-school education market, it was a natural progression for Curro to develop and further expand its higher education offering,” it said in a statement.
“The Board undertook to separate the “schools” and higher education businesses, to ensure that each business has its own dedicated management team, with a dedicated focus to effectively pursue their growth strategies in separate distinct markets that both offer attractive room for growth,” it said.