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.<\/p>\n
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.<\/p>\n
Stadio will list on the JSE on Tuesday, 3 October 2017, under the \u201cSpecialised Consumer Services\u201d sector of the main board.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
“The Board undertook to separate the \u201cschools\u201d 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.<\/p>\n